An Increase in Professors' Salaries Increases the Supply of College

question 85

True/False

An increase in professors' salaries increases the supply of college education.

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Definitions:

Airline Tickets

Certificates issued by airlines that confirm a passenger's booking and are exchanged for a boarding pass to travel on an airplane.

Price Floors

A minimum price set by the government, above which a particular good or service can be traded in the market.

Sellers

Individuals or entities that offer goods or services in exchange for money or other compensation.

Binding Price Floor

A price floor set above the equilibrium market price, causing a surplus by preventing the market price from falling to its equilibrium level.