The figure shows the market for college education. The efficient number of students is
A) less than 4 million.
B) more than 4 million and less than 8 million.
C) 4 million.
D) 8 million.
E) more than 8 million.
D
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As residents of developing countries increase their chocolate consumption, the increased production of cocoa results in
A) increased opportunity cost of cocoa production. B) decreased opportunity cost of cocoa production. C) no change in production of other goods and services. D) increased production of other goods and services.
As the dollar depreciates, the foreign price of United States goods _________________, ultimately shifting the United States AD curve _____________
A) rises; rightward B) rises; leftward C) falls; rightward D) falls; leftward
Suppose that the exchange rate between the dollar and the peso changed from 6 pesos per dollar to 8 pesos per dollar. This change means that the
A) peso appreciated. B) dollar depreciated. C) peso depreciated. D) Both answers A and B are correct.
What is it called when the price paid for a variable input is less than its marginal revenue product?
A) bilateral monopoly B) monopsonistic exploitation C) monopolistic exploitation D) featherbedding