If Principles of Economics Sections Is Three Credit Hours and an Instructor

question 175

Multiple Choice

If principles of economics sections is three credit hours and an instructor teaches two sections with 100 students in each and tuition and fees at your school are $100 per credit hour, then the marginal revenue product for your school from hiring that instructor that semester is:

• A)$100.
• B)$300.
• C)$30,000.
• D)$60,000.

---

Definitions:

Public Goods

Goods that are characterized by being non-excludable and non-rivalrous, meaning that no one can be excluded from their use and one person's use does not diminish another's.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning that one individual's consumption of the good does not reduce its availability to others and cannot be confined to paying customers only.

Private Goods

Describes products that are excludable and rivalrous, meaning their use by one individual prevents use by another.

Private Consumptions

Expenditure by households and individuals on goods and services for personal use, excluding purchases by businesses or government.