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:

Depression

A behavioral disorder characterized by a consistent depression or disinterest in activities, which extensively hampers one’s daily lifestyle.

Descriptive Statistics

Statistics that summarize or describe the characteristics of a collection of data, including measures such as mean, median, mode, and standard deviation.

Measure Of Central Tendency

Statistical measures that summarize a data set by identifying the central position within that data set, including the mean, median, and mode.

Mean

A measure of central tendency in statistics, calculated as the sum of all values divided by the number of values.