In Deciding Where to Go to College, Sophie Was Torn

question 114

Multiple Choice

In deciding where to go to college, Sophie was torn but finally picked Faber College over State University. Which of the following facts would be least likely to lead her to experience post-decision dissonance?

• A) State has a good football team and a cool mascot; Faber has not won a game in three seasons and its mascot is an 18^th century French explorer.
• B) State is less expensive than Faber.
• C) All of the Faber professors she looks up on www.ratemyprofessor.com have lousy teaching ratings.
• D) She overhears her college counselor referring to State as a "safety school."

Grasp the concept of marginal cost and its importance in production and pricing decisions.

Understand the conditions under which a firm chooses to produce in the short run and long run.

Analyze the impact of factor prices on production costs and supply decisions.

Under the concept of competition and how market structures influence firm behavior.

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Definitions:

Inefficient Rationing

A situation where goods or services are distributed or allocated in a way that does not maximize utility or welfare, often due to non-market forces such as regulations.

Policymakers

Individuals or groups responsible for making decisions and laws that affect a country's economy, society, and overall governance.

Market Outcomes

The results of the interactions between buyers and sellers in a market, including prices, quantities sold, and changes over time.

Ration Goods

Products that are distributed in limited quantities, often through a system of rationing, due to shortages or wartime conditions.