Exhibit 5-2 -Refer to Exhibit 5-2. If the Tuition Is Set at Tuition

question 14

Multiple Choice

Exhibit 5-2

-Refer to Exhibit 5-2. If the tuition is set at $50 there will be

• A) a shortage at 10 a.m. and a surplus at 8 a.m.
• B) a surplus at 10 a.m. and a shortage at 8 a.m.
• C) equilibrium at 8 a.m. and a surplus of seats at 10 a.m.
• D) equilibrium at 8 a.m. and a shortage of seats at 10 a.m.

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Definitions:

Business Entrepreneur

An individual who identifies a business opportunity and takes financial risk to establish and manage a new enterprise.

The State

Consists of the institutions responsible for formulating and carrying out a country’s laws and public policies.

Coercive Socio-Political System

A form of governance or societal structure where power is maintained and exercised through force, intimidation, or repression.

Authoritarian Command Apparatus

A structure of governance where power is concentrated in the hands of a single authority or a small group, with strict obedience expected from the populace.