Why is it not inconsistent to say that airline fares, as regulated by the CAB, were above

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Why is it not inconsistent to say that airline fares, as regulated by the CAB, were above the competitive level and yet airlines did not realize economic profits?

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Microeconomics Theory and Applications

ISBN: 978-1118758878

12th edition

Authors: Edgar K. Browning, Mark A. Zupan

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