In the United States, the average government subsidy for a college education at a private institution is approximately ________ for every $1 spent by the student.

Figure 4.5 illustrates a set of supply and demand curves for hamburgers. An increase in supply and an increase in quantity demanded are represented by a movement from

A) point a to point b. B) point a to point c. C) point c to point d. D) point d to point b.

Assume someone organizes all farms in the nation into a single-price monopoly. What is the monopoly's marginal revenue curve?

A) It is a horizontal line at the competitive industry's price. B) It is a line that lies below the new monopoly's demand curve. C) It is a vertical line at the monopoly's chosen output level. D) It is identical to the demand curve for the monopolist's output. E) It is a line that lies above the new monopoly's demand curve.