The table above shows the marginal costs and marginal benefits of college education. If the market for college education is perfectly competitive and unregulated, at the equilibrium quantity, the marginal private cost is
A) zero.
B) $14,000.
C) $19,000.
D) $16,000.
B
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Business inventories increase when firms produce ________.
A. less than they sell, and the inventory increase is subtracted from GDP B. more than they sell, and the inventory increase is subtracted from GDP C. more than they sell, and the inventory increase is added to GDP D. less than they sell, and the inventory increase is added to GDP
Refer to the table above. When the ________ is employed, diminishing marginal returns sets in
A) second worker B) fourth worker C) sixth worker D) eighth worker
If absolute PPP holds, then the real exchange rate must equal 1
Indicate whether the statement is true or false