News Article: "The high cost of college textbooks, explained"
Link: https://www.vox.com/the-goods/2019/3/6/18252322/college-textbooks-cost-expensive-pearson-cengage-mcgraw-hill?fbclid=IwAR3ziAER7gy2ZhwA9oi3KZiZ6u-nLuKw9rZAxFgbvQpMHdCRjWLmoZDEVsE
Please answer the following questions with a short explanation for each question.
2:261 3 News Article: "The high cost of college textbooks, explained" Link: https://www.vox.com/the- goods/2019/3/6/18252322/college-textbooks-cost- expensive-pearson-cengage-mcgraw-hill? fbclid=IwAR3ziAER7gy2ZhwA9oi3KZiZ6u- nLukw9rZAxFgbvQpMHdCRjWLmoZDEVsE Please answer the following questions with a short explanation for each question. 1. How would you categorize student demand for textbooks? a. Perfectly Price-Elastic b. Price-Elastic c. Perfectly Price-Inelastic d. Price in-elastic 2. How has the arrival of textbook rental sites like Scribd, Chegg, or Textbook Rush and lowo cost textbooks affected the market power of the major book publishers? a. Market power has declined as publishers have more competition b. Market power has increased because students remain a captive market c. Market power has declined as students cannot afford textbooks d. Both and c. 3. How has the arrival of textbook rental sites like Scribd, Chegg, or Textbook Rush and lowo cost textbooks affected the price elasticity of demand for textbooks from the major book publishers? a. The price elasticity of demand for textbooks from major book publishers has become more elastic b. The price elasticity of demand for textbooks from major book publish has become more inelastic c. The price elastic Ol gemand for2:264 1) 0)) B cannot artord textbooks d. Both and c. 3. How has the arrival of textbook rental sites like Scribd, Chegg, or Textbook Rush and lowo cost textbooks affected the price elasticity of demand for textbooks from the major book publishers? a. The price elasticity of demand for textbooks from major book publishers has become more elastic b. The price elasticity of demand for textbooks from major book publishers has become more inelastic c. The price elasticity of demand for textbooks from major book publishers has become perfectly price elastic d. The price elasticity of demand for textbooks from major book publishers has become perfectly price inelastic 4. Which type of market structure most closely describes the textbook market? a. Monopoly b. Perfect Competition c. Monopolistic Competition d. Oligopoly . If Cengage is the only major publisher to offer subscription services, what will likely happen to the remaining major publisher's profits? a. They are likely to increase b. They are likely to decrease c. They are likely to stay the same d. None of the above . Given that it takes time to develop free, open source textbooks, which economic concept best explains why professors might not choose to develop these resources. a. Elasticity E'J b. Perfect competition c. OOy coor, 2:26 o T E publishers?? a. The price elasticity of demand for textbooks from major book publishers has become more elastic . The price elasticity of demand for textbooks from major book publishers has become more inelastic The price elasticity of demand for textbooks from major book publishers has become perfectly price elastic . The price elasticity of demand for textbooks from major book publishers has become perfectly price inelastic 4. Which type of market structure most closely describes the textbook market? a. Monopoly b. Perfect Competition C. d Monopolistic Competition Oligopoly 5. If Cengage is the only major publisher to offer subscription services, what will likely happen to the remaining major publisher's profits? a. They are likely to increase b. They are likely to decrease C. d They are likely to stay the same . None of the above 6. Given that it takes time to develop free, open source textbooks, which economic concept best explains why professors might not choose to develop these resources. a. Outcomes Elasticity b. Perfect competition C. d Opportunity cost . Oligopoly LO1: Analyze the dynamic economic environ... LO2: Explain consumer and producer behavi... . ]
