The supply of seats for an economics class at 10 a.m. is the same as the supply of seats for the same class at noon. Every student who wants to attend this class at noon can, but not every student who wants to attend the 10 a.m. class can. Tuition does not vary by time. It follows that the demand for the 10 a.m. class is __________ the demand for the noon class
A) lower than
B) the same as
C) greater than
D) either a or b
E) none of the above
C
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One thousand adults live in Milltown. Every day, they all leave work at 4:30 p.m., arrive home at exactly 5:00 p.m., and go to bed at 9:00 p.m. Three fundraisers, Alpha, Beta, and Charlie, have targeted Milltown's population. To get a donation, they must call Milltown's residents after they get home from work but before they go to bed. Because the charities raising the funds are identical, the first to call a willing donor will get the donation. Calls made by the fundraisers will tend to be:
A. clustered near 7:00 p.m. B. clustered near 6:00 p.m. C. clustered near 5:00 p.m. D. evenly distributed throughout the evening.
Suppose the price of water rose sharply. Other things constant, what is the least likely to occur?
A) People will consume less water. B) Fewer swimming pools will be filled with water. C) More high-pressure showerheads will be sold. D) The demand for water will fall.
The ability of a commercial bank to increase the money supply is limited by the
A) availability of eligible borrowers and the bank's reserves in relation to legal reserve requirements. B) demand of the public for liquidity. C) eligibility of the bank for currency drafts and its ratio of M2 to M1. D) willingness of customers to withdraw currency for circulation.
List two reasons why a firm might experience diseconomies of scale
What will be an ideal response?