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Exhibit 5-2 Refer to Exhibit 5-2. If the Tuition Is Set at Is

Question 26

Multiple Choice

Exhibit 5-2
Exhibit 5-2 Refer to Exhibit 5-2. If the tuition is set at $60 there will be A) a shortage at 10 a.m. and a surplus at 8 a.m. B) a surplus at 10 a.m. and a shortage at 8 a.m. C) equilibrium at both 10 a.m. and 8 a.m. because the price is half-way between the individual equilibria. D) a surplus at both 10 a.m. and 8 a.m. E) a shortage at both 10 a.m. and 8 a.m.
Refer to Exhibit 5-2. If the tuition is set at $60 there will be

A) a shortage at 10 a.m. and a surplus at 8 a.m.
B) a surplus at 10 a.m. and a shortage at 8 a.m.
C) equilibrium at both 10 a.m. and 8 a.m. because the price is half-way between the individual equilibria.
D) a surplus at both 10 a.m. and 8 a.m.
E) a shortage at both 10 a.m. and 8 a.m.

Correct Answer: