Parking at a University Has Become a Problem

question 29

Multiple Choice

Parking at a university has become a problem. University administrators are interested in determining the average time it takes a student to find a parking spot. An administrator inconspicuously followed 200 students and recorded how long it took each of them to find a parking spot. Identify the variable of interest to the university administration.

• A) number of empty parking spots
• B) number of students who cannot find a spot
• C) time to find a parking spot
• D) students who drive cars on campus

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Definitions:

Total Revenue Curve

A graphical representation showing how total revenue changes as the quantity sold of a good or service varies, holding all else constant.

Marginal Revenue Curve

A graphical representation showing the change in total revenue with respect to changes in the quantity of goods or services sold.

Downsloping

Characterizes a line or curve on a graph that decreases in value as it moves from left to right, often used in reference to demand curves.

Pure Monopoly Firm

A market structure where a single entity exclusively controls the supply of a product or service without any close substitutes.