In a recent year, close to 30 percent of all flights into and out of New York City’s John F. Kennedy International Airport experienced delays. Explain how this phenomenon is related to a federal decision to remove the limit, in 2007, on the number of arrivals and departures between 3 P.M. and 8 P.M. and the unwillingness to rely on prices to ensure that the quantity supplied of runway capacity equals quantity demanded at any given point in time. Are passengers better off under a system in which airlines are charged landing/ takeoff fees at Kennedy that are often below equilibrium levels?
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