The figure above shows that at the unregulated market equilibrium, marginal social benefit ________ marginal cost, and the number of students enrolled is ________
A) exceeds; above the efficient quantity
B) exceeds; below the efficient quantity
C) is below; above the efficient quantity
D) is below; below the efficient quantity
E) equals; efficient
B
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Which of the following is a correct listing of money's functions?
A) source of credit, value of transaction costs, unit of barter B) medium of barter, medium of exchange, medium of transactions C) unit of barter, unit of account, a unit of income D) store of value, store of exchange, measure of account E) store of value, medium of exchange, unit of account
Price elasticity of demand shows how:
a) To compute the slope of the demand curve. b) Price responds to demand changes. c) Quantity demanded responds to price changes. d) Quantity demanded responds to changes in the price of other goods.