From 2007 to 2013 Total Federal, State, and Local Appropriations

question 3

Multiple Choice

From 2007 to 2013 total federal, state, and local appropriations to public institutions of higher education

• A)increased $230 billion.
• B)increased $47 billion.
• C)remained constant.
• D)decreased $71 billion.

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Definitions:

Supply Curves

Graphical representations showing the relationship between the price of a good and the quantity of the good that producers are willing to supply.

Willingness To Pay

The maximum amount an individual is prepared to spend to obtain a good or service or to avoid something undesirable.

Consumer Surplus

Consumer surplus is the difference between the maximum price consumers are willing to pay for a product or service and the actual price they pay.

Producer Surplus

Producer Surplus is the difference between what producers are willing to accept for a good or service versus what they actually receive, often depicted as the area above the supply curve and below the market price.