If You Compared the Short-Run Demand and Long-Run Demand for Education

question 158

Multiple Choice

If you compared the short-run demand and long-run demand for education at your college, you would almost certainly find that

• A) the long-run demand curve was steeper than the short-run demand curve.
• B) a tuition increase would reduce enrollment more in the long run than in the short run.
• C) a reduction in tuition would increase enrollment in the short run but not in the long run.
• D) the short-run and long-run demand curves were identical.

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Definitions:

Levied

The imposition or collection of a tax, charge, or fine.

Market Activity

The various transactions, movements, and behaviors of participants that occur within a marketplace, influencing the supply and demand of goods and services.

Taxes

Mandatory monetary fees or different forms of levies collected from taxpayers by government entities to support government expenses and a range of public services.

Buyers

Individuals or organizations that purchase goods or services for personal use, consumption, or to use in the production of other goods and services.