Profit per unit is equal to
A. Price divided by average total cost.
B. Total revenue minus variable cost divided by quantity.
C. Price minus average total cost.
D. Total revenue minus total cost.
Answer: C
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In the figure above, if the government provides a subsidy to colleges of $6,000 per student per year, how many students will be accepted?
A) 8 million per year B) 12 million per year C) 10 million per year D) 16 million per year
If a country choose to dollarize, it has relinquished its
A) monetary policy autonomy. B) pain from realignments C) ability to conduct fiscal transactions. D) ability to borrow internationally.
If the cross price elasticity of demand between two goods is positive, then the two goods are
A) substitutes. B) complements. C) independent. D) unrelated.
Which of the following statements is correct?
A. Price elasticity of supply is constant along the supply curve. B. Price elasticity of supply is always a negative number. C. Supply is more elastic in the short run than in long run. D. Supply is more elastic in the long run than in short run.