A term to describe one currency in terms of another is

Private schools are able to exclude students from attending classes they offer unless students have been accepted and paid tuition and fees. This suggests that education is

A) subject to the principle of rival consumption. B) subject to the free-rider problem. C) not subject to the exclusion principle. D) a public good.

Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at $0.20 per pound when 500 pounds are grown. The demand for potatoes is Q = 10,000/p. If the long-run supply curve is horizontal, then how much will consumers spend, in total, on potatoes?

A) $0 B) $500 C) $10,000 D) $50,000