The figure above shows the market for college education. The efficient quantity of education is
A) 0 students.
B) 4 million students.
C) 6 million students.
D) more than 6 million students.
E) more than 4 million students and less than 6 million students.
C
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If it is possible to make a change that will help some people without harming others, then the situation is:
A. efficient. B. inefficient. C. unfair. D. fair.
If the dollar-yen exchange rate is $1 for 125 yen, then a Honda CR-V priced at 3,125,000 yen would cost a U.S. importer of such a vehicle ________.
A. $25,000 B. $21,000 C. $28,000 D. $18,000
The primary advantage of Lindahl pricing is _____
a. that it is easy to calculate b. that at the price charged, every individual prefers a unique efficient level of output, increasing diversity in how the public good is provided c. that is necessary for economic efficiency d. that at the price charged, every individual prefers the same efficient level of output, making it more likely that the politically agreed upon output level is identical to the efficient output level
If producers incorrectly set the price of their product too low:
A. a shortage will result. B. a surplus will result. C. equilibrium will result. D. the industry will die out soon.