The practice of tenure at American universities is quite common
When a junior professor is approved for tenure he or she is promoted to associate or full professor and enjoys for all intents and purposes lifetime employment and protection against firing in the event that he or she's views are at odds with the university administration. While this policy has been in place for many decades across the country why is it that universities are hesitant to grant and do so only after careful evaluation of the candidate's work even though the salary they may have to contract is lower than what one might receive in the private sector.
The reasons that universities are hesitant to grant tenure and are very careful in the evaluation of candidates for tenure is that once it is granted the university incurs a significant fixed cost in terms of the salary negotiated with the professor over the expected term of employment which could span many decades.
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At the Nash equilibrium of an oligopoly market:
A. only one firm is able to earn profits. B. each firm is making a profit-maximizing choice, regardless of the choices of its rivals. C. each firm is making a profit-maximizing choice given the choices of its rivals. D. each firm produces the same quantity.
The above figure shows supply and demand curves for apartment units in a large city. If the city government passes a law that establishes $350 per month as the legal maximum rent, the consumer's net gain in surplus equals
A) c - f. B) b - f. C) d - f. D) The answer cannot be determined from the information given.
Use the concepts of reputation and asymmetric information to explain why some faculty members become less productive after gaining tenure.
What will be an ideal response?
In the above figure, along which range would total revenue remain unchanged by raising prices?
A) between point a and point b B) between point c and point d C) between point d and point e D) below point e and above point a.