Examine Figure 36.1, which shows the market for K-12 education in an economy. If the market is unsubsidized, the equilibrium tuition fees per student for K-12 education is
A. $4,000.
B. $8,000.
C. $6,000.
D. $12,000.
Answer: C
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Explain what is meant by the terms "labor force," "unemployment rate," and "labor force participation rate."
What will be an ideal response?
The amount of a good sold in a market at a particular price cannot exceed the quantity
A. demanded at that price. B. supplied at that price. C. sold when there is a price floor. D. sold when there is a price ceiling.
Suppose that Pat has the legal right to fly an extremely noisy airplane over Chris's apartment and that he values that right at $1,000 per year. Chris would be willing to pay $800 per year to avoid the noise. In this case,
a. Pat will be required to eliminate the overflight b. Chris will move to a new apartment c. Pat and Chris have a powerful incentive to eliminate the overflight because both would benefit from it d. some governmental agency will step in to require Pat to choose a different flight pattern e. there is no basis for an agreement to eliminate the overflight
Which form of business organization creates a separate legal being?
a. partnerships and proprietorships b. only proprietorships c. only partnerships d. only corporations e. corporations and partnerships