Correct law of demand law of equilibrium law of

Info icon This preview shows pages 6–12. Sign up to view the full content.

Correct!    Law of demand      Law of equilibrium      Law of supply     Question 2 1 / 1 pts What is the ability and willingness to buy specific quantities of a good or a service at  alternative prices in a given time period under ceteris paribus conditions? Correct!    Demand      Equilibrium      Quantity  
Image of page 6

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

   Supply     Question 3 1 / 1 pts Microeconomics is the study of how individual households and businesses make  decisions to distribute limited resources to maximize profit. Correct Answer    True   You Answered    False     Question 4 1 / 1 pts Externalities and lack of competition are examples of what type of failures? Correct!    Market failure      Government failure      Regulatory failure      Competition failure
Image of page 7
    Question 5 1 / 1 pts Since the FAA was formed in 1958, accident rates have dropped almost Correct!    92.5 percent      82.5%      12.5%      85.5%     Question 6 1 / 1 pts Which of the following are determinants of demand?    Costs of substitutes   Correct!    Prices of ticket   Correct!   
Image of page 8

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

State of economy   Correct!    Frequency of service     Question 7 1 / 1 pts Which of the following are true of the Law of Demand? Correct!    If we lower the price of a product, that will raise the quantity demanded for the product   Correct!    If we raise the price of a product, that will lower the quantity demanded for the product      If we lower the price of a product, that will lower the quantity demanded for the product      If we raise the price of a product, that will raise the quantity demanded for the product     Question 8 1 / 1 pts Which characteristic of demand for air transport refers to a long-term trend of peaks and troughs of economic activity?    Constant fluctuation  
Image of page 9
Correct!    Cyclicality      Directional flow      Perishability      Seasonality and peaking     Question 9 1 / 1 pts Which of the following are factors that are held constant for the demand curve to not  change?    Costs   Correct!    Income   Correct!    Population   Correct!    Preferences
Image of page 10

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

  Correct!    Price expectations   Correct!    Price of related products      Revenue     Question 10 1 / 1 pts Which of the following are stages of a business cycle?
Image of page 11
Image of page 12
This is the end of the preview. Sign up to access the rest of the document.
  • Summer '13
  • pts, formal methods, Superiority complex, Reading Review 1-4

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern