The income elasticity of demand for education is 3.5. Thus, a 4% increase in income will
A. decrease the quantity of education demanded by 3.5%.
B. decrease the quantity of education demanded by 14%.
C. increase the quantity of education demanded by 14%.
D. increase the quantity of education demanded by 4%.
Answer: C
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Who wrote the following criticism of European colonial expansion into poorer non-European nations? "The superiority of force happened to be so great on the side of the Europeans, that they were enabled to commit with impunity every sort of injustice
in those remote countries." A) Adam Smith B) Karl Marx C) Alfred Marshall D) John Maynard Keynes E) John Kenneth Galbraith
In the above figure, the range of unit elasticity occurs
A) on the vertical axis. B) on the horizontal axis. C) between point c and point d. D) below point e.
Refer to Figure 1.8. If the university decides to lower grading standards, then
A. This curve will shift to the left. B. This curve will shift rightward. C. We will slide up the curve from point B to point C. D. The curve will begin to bend downward at an earlier point.
Refer to the information provided in Figure 15.5 below to answer the question(s) that follow. 
Figure 15.5 Refer to Figure 15.5. If the Custom Sweater Shop is monopolistically competitive, what is the maximum level of average variable cost that would lead to the firm continuing to operate at the profit-maximizing level in the short run?
A. $50 B. $40 C. $46 D. The firm would continue to operate regardless of the level of variable costs.