The educational outcomes at private schools are generally ________ those in public schools.
A. better than
B. incomparable to
C. worse than
D. the same as
Answer: A
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Suppose Campus Books, a profit-maximizing firm, is the only supplier of the textbook for a given class. The marginal cost of supplying each book is constant and equal to $10, and Campus Books has no fixed costs. The table below shows the reservation prices of the eight students enrolled in the class.StudentReservation Price($/Book)Q60R54S48T42U36V30W24X18 How many books will Campus Books sell if it must charge a single price to all of its customers?
A. 5 B. 7 C. 3 D. 4
Moral hazard occurs when contracts are written in such a way that
A) the interests of agent and principal converge. B) the interests of agent and principal diverge. C) agents will wish to maximize the principal's utility. D) production and risk-bearing efficiency are achieved.
When the long-run average total cost curve is increasing, this means that there are
a. economies of scale b. diseconomies of scale c. constant returns to scale d. diminishing returns e. some fixed factors of production
“Economies of scope” occur when
A. fixed costs are high and marginal costs are low. B. a monopoly can produce for the entire market. C. similar production techniques can be applied to several products. D. costs are fully distributed.