Government subsidized scholarships are an example of a government policy aimed at correcting negative externalities associated with education
a. True
b. False
Indicate whether the statement is true or false
False
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Assume that when the price of good Z is increased from $5 to $6, the total revenue earned increases from $600 to $690. Based on this information, we can conclude that over this range, demand for Z is:
A) elastic. B) unit elastic. C) inelastic. D) perfectly inelastic.
A picture frame company operates in a monopolistically competitive market. Its short-run equilibrium price is $80 and its ATC is $65 . It sells 100 picture frames a week. From this we can tell:
a. this firm is making a normal profit. b. other picture frame companies will want to exit the market. c. there are no other picture frame companies in the area. d. economic profits are $1,500. e. total profits are being maximized.