A university raises annual tuition by 10 percent. No other events have occurred, and the university's revenues have increased. It must be TRUE that
A. there was no associated change in quantity demanded.
B. the associated change in quantity demanded was greater than 10 percent.
C. the associated change in quantity demanded was smaller than 10 percent.
D. the associated change in quantity demanded was equal to 10 percent.
Answer: C
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The lower the real wage rate, the
A) fewer workers firms can profitably hire. B) more workers firms can profitably hire. C) more workers will supply labor. D) higher the nominal wage rate. E) larger the quantity of labor supplied.
Lowering the discount rate: a. encourages banks to borrow from the Fed, and they can more easily accommodate their customers' needs for loans. b. encourages business customers to borrow directly from the Fed
c. reduces the amount of reserves banks are required to keep. d. automatically reduces excess reserves. e. encourages banks to sell U.S. government securities and increase their cash reserves.
The GDP is the value of all final goods and services produced
A. by domestically controlled companies.
B. by domestically owned companies.
C. by citizens of the country.
D. within a nation's boundaries.
The mathematical representation of the technological relationship between inputs and national output is known as the
A. input-output table. B. aggregate supply function. C. production possibilities frontier. D. aggregate production function.