The AFC curve is
A. J.
B. K.
C. L.
D. M.
A. J.
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A well-known women's college whose tuition lagged below similar schools found recruiting difficult and enrollment falling. A substantial tuition increase was implemented, and dormitories were soon full again. This can be explained by
a. the law of demand. b. the fact that education at the school was an inferior good. c. the fact that people sometimes base perceptions of quality on price (snob effect). d. elastic demand.
For developed countries, more price supports and subsidies are provided to agriculture worldwide than to any other sector of the economy.
Answer the following statement true (T) or false (F)
If the CPI was 170 in 1998 and was 187 in 1999, what was the inflation rate in 1999?
Which of the following statements best describes the price, output, and profit conditions of monopolistic competition?
A. Price will equal marginal cost at the profit-maximizing level of output; profits will be positive in the long-run. B. Price will always equal average variable cost in the short run and either profits or losses may result in the long run. C. Marginal revenue will equal marginal cost at the short run, profit-maximizing level of output; in the long run, economic profit will be zero. D. Marginal revenue will equal average total cost in the short run; long-run economic profits will be zero.