If you compared the short-run demand and long-run demand for education at your college, you would almost certainly find that
a. the long-run demand curve was steeper than the short-run demand curve.
b. a tuition increase would reduce enrollment more in the long run than in the short run.
c. a reduction in tuition would increase enrollment in the short run but not in the long run.
d. the short-run and long-run demand curves were identical.
B
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Fact: The lowest 20% of U.S. family incomes in the U.S. has fallen from 4.8% to 3.8% between 1960 and 2010. Your authors argue that
A) this is clear evidence that the poor have gotten poorer. B) this is primarily the result of a general decline of the power of labor unions in America. C) while their percentage of national income has fallen, real GDP has increased over 4 times during the past 50 years, and so those persons actually earned much more income than before. D) none of the above are true.
If there is an increase in world taxes ________
A) domestic investment would fall B) net exports would increase C) the domestic interest rate would go down D) all of the above E) none of the above