Which panel of Figure 3.3 represents the changes in the market for student housing when university enrollment increases and at the same time the university destroys several older residence halls and apartment buildings?
A. A.
B. B.
C. C.
D. D.
Answer: C
You might also like to view...
Suppose the extra cost for a company to advertize for one extra day each week on a local TV station is $1,500. Then, the company should advertize on that additional day if it can generate total revenue of $1,500 each week
Indicate whether the statement is true or false
The Soviet Union's economy grew rapidly in terms of GDP per hour worked in the 1950s, but eventually this growth slowed. Why did this occur?
A) Capital per hour worked grew rapidly from 1950 to 1980, but technological change occurred very slowly. B) Increasing implementation of new technologies eventually suffered diminishing marginal returns. C) Capital per hour worked grew slowly, but technological change grew very rapidly. D) The centrally planned economy invested too heavily in technological change.
Explain why when the demand curve for a good is elastic, a one percent reduction in the price of the good will increase a consumer's expenditure on the good
What will be an ideal response?
The opportunity cost to you of an action is
A. how much you must pay for the opportunity to take the action. B. the value to you of the next best action you could have taken. C. the cost to society of giving you the opportunity to take the action. D. the dollar cost to you of the action.