Universities a and B Are Substitutes in the Minds of Many

question 32

Multiple Choice

Universities A and B are substitutes in the minds of many college students.Initially the student tuition at each university is the same and far below the equilibrium tuition.Then,the tuition at A is raised and B is not.As a result of a rising tuition at A,some students who would have applied and enrolled in A,apply to B instead.Based on the logic presented in one of the theories discussed in the textbook,we would expect that

• A) instructors at B will begin to be less nearly punctual for office hours than they were previously.
• B) instructors at A will begin to be more nearly punctual for office hours than they were previously.
• C) instructors at B will be more nearly punctual for office hours than they were previously.
• D) a and b
• E) b and c

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Definitions:

Instrument

A formal written legal document, such as a contract, will, or deed, that formally records the details of a transaction or agreement.

Forgery

The fraudulent making or altering of a written document with the intention to deceive or defraud.

Loss

Loss refers to the reduction in value of an asset, or a decrease in financial wealth due to expenses exceeding revenues.

Transferred

The act of moving or conveying something from one place, person, or entity to another.