Microeconomics (MindTap Course List)
10th Edition
ISBN: 9781285859484
Author: William Boyes, Michael Melvin
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 5, Problem 7E
To determine
To explain:
The allotment process and the people who will be allocated if some college classes are more popular than others.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
In about 300 words explain why prices are an important aspect of how goods and services are allocated in a market economy. Pick an example of a good or service and explain the role that its price plays in determining who received it.
Which class has the largest individuals? Which is the most economically important?
Are households primarily buyers or sellers in thegoods and services market? In the labor market?
Chapter 5 Solutions
Microeconomics (MindTap Course List)
Knowledge Booster
Similar questions
- In a competitive market economy, how is the distribution of income primarily determined? a.By the number of firms in the market for goods and services b.By the ownership of resources and human capital in the economy c.By the government d.Can be changed so that everyone is left better off while none are made worse offarrow_forwardWhat are the economic marketsarrow_forwardA study on the perception of the urban poor on the housing program of the government. What is the value of the research? Explain. Who are the beneficiaries? Why do you think so? A survey on the presidential preference of the basic sectors (farmers, fisher folks, indigenous people, laborer, and urban poor) in the 2016 election. What is the value of the research? Explain. Who are the beneficiaries? Why do you think so?arrow_forward
- What is marginalism? a.the cost per extra unit b.the additional income stream from getting MA vs BA c. The grade improvement you get by studying an extra hour. d. All of the abovearrow_forwardWhat is the definition of economicarrow_forwardIn a __________ marriage, both husband and wife are in the labor market.arrow_forward
- How to define economic welfare?arrow_forwardIf executives of various firms met in a smoke-filled hotel room to fix prices and to allocate which firms will produce what quantity of the good or service, then what are they doing?arrow_forwardImagine the NZ Government is interested in the effect of abolishing university fees on the number of university graduates. To test this policy, the Government implements this policy on the North Island and not on the South Island. The table below shows the number of university graduates on the North Island and the South Island before and after the policy. Before policy After policy North Island 75,000 85,000 South Island 60,000 50,000 What is the difference-in-difference estimate of the effect of the policy? a. 15,000 b. 20,000 c. 20,000 d. -15,000arrow_forward
- Suppose that college tuition is eliminated for every admitted student to a public community college or a public 4‑year college or university. a. Such a policy would likely lead to a.a decrease in human capital, conferring a cost b.an increase in human capital, conferring a benefit . b. Such a policy would also lead to a.lower taxes, conferring a benefit b.higher taxes, conferring a cost . c. Such a policy would also lead to a a.rise b.fall in enrollment at private colleges and universities.arrow_forwardWhich one of the following is a positive economic statement? a.Thoughtful people oppose an increase in the minimum wage. b.An increase in the minimum wage will reduce employment. c.Social justice will be served by increasing the minimum wage. d.The minimum wage should be increased.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
- Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, IncMicroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage LearningEconomics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning