A university education costs more per student than a high school education because
A. college professors earn more than high school teachers.
B. college professors teach less than high school teachers.
C. colleges are typically in a monopoly position.
D. A) and B).
Answer: D
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In 2004, hurricanes damaged a large portion of Florida's orange crop. As a result of this, many orange growers were not able to supply fruit to the market
If, following the hurricane, the price remained at its pre-hurricane level, we would expect to see A) a surplus of oranges. B) a shortage of oranges. C) an increase in the demand for oranges. D) the quantity demanded equal to the quantity supplied.
As the number of firms in the oligopoly grows very large, the
a. output effect disappears. b. price effect disappears. c. output effect equals the price effect. d. price of the product greatly exceeds marginal cost.
Suppose that land and labor are substitute resources. If the wage rate rose, the employment of land would rise only if
A. the output effect outweighed the substitution effect. B. the substitution effect outweighed the output effect. C. the substitution effect was equal to the output effect.
The total satisfaction one gets from one's consumption of a product is called:
A. marginal utility. B. minimum utility. C. a unit of utility. D. total utility.