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Economics 1st Edition by Dean Karlan,Jonathan Morduch
Edition 1ISBN: 978-0073511498Economics 1st Edition by Dean Karlan,Jonathan Morduch
Edition 1ISBN: 978-0073511498 Exercise 19
Suppose that the airline industry is in long-run equilibrium when the price of gasoline increases, raising the cost of operating airplanes. In the long run, what do you expect to happen to the number of airlines in business? Why?
Explanation
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Economic Profit in the long run:
In the...
Economics 1st Edition by Dean Karlan,Jonathan Morduch
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