The figure above shows the market for college education in the United States. If the government has a goal of enrolling the efficient number of students each year, the government should provide a voucher to students equaling ________
A) $16,000
B) $13,000
C) $11,000
D) $5,000
E) $7,000
D
You might also like to view...
The above figure shows the U.S. market for 1 carat diamonds. With free trade, the United States produces ________ diamonds and imports ________ diamonds
A) 300,000; 600,000 B) 0; 900,000 C) 100,000; 900,000 D) 100,000; 800,000 E) 500,000; 400,000
As an individual consumes more of a given good or service, the marginal utility of that good to the consumer likely: a. increases
b. remains constant. c. falls. d. falls and then rises.
In general, elasticity is a measure of
a. the extent to which advances in technology are adopted by producers. b. the extent to which a market is competitive. c. how firms' profits respond to changes in market prices. d. how much buyers and sellers respond to changes in market conditions.
Suppose a hurricane hits Alabama, causing widespread damage to houses and businesses. The governor of Alabama places price ceilings on all building materials to keep the prices reasonable. Which of the following is the most likely result?
A. A faster recovery from the storm. B. The supply of building materials to Alabama will increase. C. More people will be able to purchase building materials. D. Shortages of building materials and a slower recovery from the storm.