The typical marginal cost curve faced by monopolists is U-shaped, whereas the average cost curve is upward sloping

The efficient level of college enrollment in Inland is

A) 0.6 million students per year. B) 0.7 million students per year. C) 0.8 million students per year. D) 0.5 million students per year.

Which of the following is the best example of a quota?

A) a subsidy from the U.S. government to domestic manufacturers of residential air conditioners to enable them to compete more effectively with foreign producers B) a limit on the quantity of residential air conditioners that can be imported from a foreign country C) a $150 fee imposed on all imported residential air conditioners D) a tax placed on all residential air conditioners sold in the domestic market to help offset the impact of emissions on the environment