University A sets tuition at the equilibrium level based on price and then imposes entrance requirements in the form of minimum high school GPA and SAT scores. Enrollment at this school will likely be
A) at the equilibrium level.
B) below the equilibrium level because of the use of non-price rationing devices.
C) above the equilibrium level because of the combination of price and the use of non-price rationing devices.
D) none of the above
B
Economics
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In an equilibrium in otherwise identical markets, producer surplus is higher for a monopolist than for a competitive firm
Indicate whether the statement is true or false
Economics
Which of the following is the formula used for computing economic profits?
A) economic profits = total revenue - implicit costs B) economic profits = total revenue - (implicit costs + explicit costs) C) economic profits = total costs - total revenue D) economic profits = total revenue - explicit costs
Economics