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 benefit is
A) zero.
B) $14,000.
C) $19,000.
D) $16,000.
B
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In the figure above, when the market is in equilibrium, what is the total surplus?
A) $1,000 B) $800 C) $200 D) $1,600
Assume goods X and Y are complements. A decrease in the price of X would cause the demand for Y to increase
Indicate whether the statement is true or false
In a fiduciary monetary system
A) coins get their value from the precious metals of which they are made. B) money gets its value from the confidence that the public has in its acceptability. C) paper currency does not have value, but balances in checking accounts do. D) checking account balances do not have value, but paper currency does.
When a country abandons a no-trade policy, adopts a free-trade policy, and becomes an exporter of a particular good,
a. producer surplus increases and total surplus increases in the market for that good. b. producer surplus increases and total surplus decreases in the market for that good. c. producer surplus decreases and total surplus increases in the market for that good. d. producer surplus decreases and total surplus decreases in the market for that good.