The demand to attend a certain college is represented by a downward-sloping demand curve. The supply of spots at the college is represented by a vertical supply curve. At the tuition that students are charged, there is a shortage of spots at the college. If the demand to attend the college rises, but the tuition stays constant, it follows that the
A) GPA required to attend the college will probably rise.
B) GPA required to attend the college will probably fall.
C) SAT score required to attend the college will probably not change.
D) a and c
E) There is not enough information to answer this question.
A
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The figure above shows a labor market. If there is a monopsony in this labor market, employment is
A) 0 hours per week. B) 50 hours per week. C) 100 hours per week. D) 150 hours per week.
One problem with a cost plus incentive fee procurement contract is _____
a. it requires clearly defined output that is not really malleable b. it almost always leads to higher costs c. firms have a strong incentive to invest in the most expensive technology to complete the project d. firms have an incentive to misrepresent final costs