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Pecuniary externalities exist when the action of one agent increases the price of a good to other agents.
John D. Rockefeller
An American industrialist and philanthropist who was a co-founder of the Standard Oil Company and became one of the world's wealthiest individuals.
Oil Trust
Historical term referring to monopolies or near-monopolies in the oil industry, specifically in the United States during the late 19th and early 20th centuries.
Airline Deregulation Act
A United States federal law passed in 1978 that removed governmental control over fares, routes, and market entry of new airlines, significantly reducing barriers to entry in the airline industry.
Civil Aeronautics Board
The Civil Aeronautics Board was a federal agency in the United States that regulated aviation services, including fares, routes, and schedules, before its dissolution in 1985.
Q3: People tend to<br>A) make a distinction between
Q5: The difference between what the consumers would
Q9: A mechanism that creates the incentive for
Q12: In general, the _ elastic the demand
Q17: At quantities smaller than the quantity where
Q23: The proposition that states that, if a
Q27: A lack of information about the riskiness
Q28: In relation to the downward-sloping, straight-line demand
Q37: Under the structure of the Smith and
Q38: A factor of production whose level cannot