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When a University Program Was Threatened by Low Enrollment, the Faculty

question 285

Multiple Choice

When a university program was threatened by low enrollment, the faculty spent many hours revising the curriculum.Resources were invested but the revised curriculum looked like the old one.What happened?


Definitions:

Long-Run Equilibrium

A state in which all firms in a given industry are making zero economic profit, leading to an optimal allocation of resources given current technology and factor prices.

Selling Price

The amount of money for which a product or service is sold to consumers.

Average Total Cost

The total cost per unit of output, calculated by dividing the total cost by the quantity of output produced.

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