Academic institutions frequently talk about academic excellence and how they have superior programs in everything. "If it is not top quality it will not be offered here" seems to be the theme of many college catalogs. Explain, on the basis of material in this chapter, why this public relations noise is not believable.
What will be an ideal response?
Colleges must look at the cost of providing top quality education. If they accepted a bit less quality in several programs and were able to offer a new program or two with the money saved, their constituency may be happier and revenues could go up. Again costs and benefits must be evaluated on all the margins. It may be too costly to provide the best of everything.
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The concept of market structure refers to three main characteristics of buyers and sellers in a particular market. These include ____
a. the degree of seller and buyer concentration in the market b. the degree of actual or imagined differentiation between the products or services of competing producers c. the pricing behavior of the firms d. a and b e. a, b, and c
The best test of an economic theory is: a. the rigor of its mathematical formulation. b. its ability to explain and predict
c. the accuracy of its assumptions. d. the level of real-world detail it captures.