23. Many universities give scholarships to athletes, low-income students, and hi

Question

23.

Many universities give scholarships to athletes, low-income students, and high-performing students that reduce the scholarship recipient's cost of getting a college education. This is an example of:

A. Maximizing consumer surplus

B. Economies of scale

C. Price discrimination

D. Specialization in production

24.

If a firm is a "price maker", then that firm:

A. Must be in a competitive market

B. Must have an inelastic price elasticity of demand for its product

C. Must experience a downward sloping demand curve

D. Must earn positive economic profit in the long run

A. Maximizing consumer surplus

B. Economies of scale

C. Price discrimination

D. Specialization in production

24.

If a firm is a "price maker", then that firm:

A. Must be in a competitive market

B. Must have an inelastic price elasticity of demand for its product

C. Must experience a downward sloping demand curve

D. Must earn positive economic profit in the long run

Explanation / Answer

1) This is an example of specialization in production.

2) if a firm is price amker than that firm must experience downward sloping demand curve.

3) economic profit must be positive.

4) this firm will shutdown in shortrun due to loss.

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