It is argued that, with a rising demand for college education, if the supply were to made to become more elastic then college tuition costs would:

Under the kinked demand model, suppose the firm's demand curve shifts rightward but the price at which the kink occurs remains the same. In this case, the firm:

A) does not change its output. B) increases output. C) decreases output. D) We do not have enough information to answer this question.

When people make choices that (at the time and with the information they have at their disposal) give them the greatest amount of satisfaction, they are said to be:

a. behaving irrationally. b. applying econometric models to their everyday behavior. c. living under a communist dictator. d. acting in their own self-interest. e. showing no willingness to plan for the future.