Property rights specified in a contract are always open-ended and they exhaustively specify the owner's alternatives
Indicate whether the statement is true or false
F
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Using the figure above, suppose education is provided by public colleges. At what level should tuition be set to ensure the efficient number of students?
A) $10,000 B) $5,000 C) $20,000 D) $25,000 E) $15,000
An increase in the equilibrium quantity of a product will result
A) when there is an decrease in demand and a decrease in the cost of inputs used to make the product. B) when there is an increase in supply and an increase in demand for the product. C) when the quantity of the product supplied exceeds the quantity demanded. D) when there is an increase in supply and a decrease in demand for the product.
. When you are faced with a lack of information concerning a purchase, you should
A. consider the opportunity cost of gaining more information. B. always seek out the most information you can before making a purchase. C. not make the purchase without complete information. D. None of these statements is true.
In the short run, a firm’s economic loss or profit is found by comparing what?
a. Price to marginal cost b. Price to marginal revenue c. Price to average total cost d. Price to quantity demanded