Registration in Professor McNick's Classes Reaches Maximum Enrollment Quickly

question 471

Multiple Choice

Registration in Professor McNick's classes reaches maximum enrollment quickly. Students register immediately online just to insure their seat in her class. One student summed it up: "Everyone's heard she is the best teacher on campus." Professor McNick's classes benefit from:

• A) viral publicity.
• B) positive public relations.
• C) free advertising.
• D) word-of-mouth promotion.

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Definitions:

Excess Demand

A situation in which the quantity demanded of a good exceeds the quantity supplied at the existing price, often leading to a rise in price.

Supply Functions

Mathematical expressions that relate the quantity of a good that producers are willing to sell to the price of the good and other factors.

Demand Functions

Mathematical representations that describe the relationship between the quantity demanded of a good and its determinants like price, income, and preferences.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or commodity.