College students and faculty members have a more elastic demand than the general public for Apple's iMac desktop computers. From this we can conclude that
A) Apple will earn economic profits from the computers it sells to the general public but will break even on the computers it sells to college students and faculty members.
B) Apple will charge college students and faculty members lower prices than it charges the general public.
C) the general public will earn arbitrage profits by buying iMac desktop computers from Apple and reselling them to college students and faculty members.
D) Apple will charge college students and faculty members higher prices than it charges the general public.
Question 2
Refer to Figure 17-4. Which of the following is true at W2?
A) The supply curve is positively sloped.
B) The income effect and the substitution effect are equal.
C) The substitution effect is larger than the income effect.
D) The income effect is larger than the substitution effect.
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