What income groups are most likely to benefit from state and federal subsidies to higher education? Why?
Economists have argued that state-subsidized higher education programs benefit the middle and higher income groups more, because far more of these individuals are likely to go to college or other forms of higher education.
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Monopoly firms may lead to higher costs than perfectly competitive firms
a. True b. False Indicate whether the statement is true or false
An airline can easily move its aircraft from one route to another. One interpretation of this is that the airline industry is an example of a contestable market.
Answer the following statement true (T) or false (F)
Which of the following is an outside incentive that forces managers to put forth maximal effort?
A. Reputation B. Incentive contracts C. Flat fees D. Performance bonuses
The production function
A. gives the maximum amount of output for a given level of inputs. B. allows us to compute the difference between accounting and economic profits. C. gives the amount of time necessary to reach the long run. D. gives the implicit costs for all inputs.