In the figure above, with no government involvement and if the colleges are competitive, what is the tuition?
A) $10,000 per year
B) $14,000 per year
C) $8,000 per year
D) $16,000 per year
A
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If the demand for its product is inelastic, a monopoly's
A) total revenue increases when the firm lowers its price. B) total revenue is unchanged when the firm lowers its price. C) marginal revenue is negative. D) marginal revenue is equal to zero.
In repeated games:
A. players no longer need commitment strategies to reach a mutually beneficial equilibrium. B. negative-negative outcomes are the only outcomes possible. C. players will never reach a mutually beneficial equilibrium. D. there are no dominant strategies.
Recall the Application about the incentives to install rooftop solar panels to answer the following question(s).According to the Application, the value of the federal tax credits equaled 30 percent of solar panel installation costs. If you purchase a rooftop solar panel for $20,000, then on the year you installed your solar panels, you should expect a decrease in your liabilities to the federal taxes by:
A. $6,000 B. $12,000 C. $15,000 D. $1,500
Refer to the table shown, which shows the demand schedule for a firm that has a monopoly on the sale of computers in the country of Oz. If the marginal cost of producing computers is $1,000 no matter how many are produced and the monopolist seeks to maximize profit, it should set the price of computers at:Price of computers($)Quantity demanded per year5,0001004,0002003,0003002,0004001,000500
A. $2,000. B. $4,000. C. $3,000. D. $1,000.