Most economists believe that there are positive externalities in education. One can conclude that a free market would fail to give the socially optimal outcome because the equilibrium:
a. price and quantity would be too high.
b. price would be too low and quantity would be too high.
c. price and quantity would be too low.
d. price would be too high and quantity would be too low.
e. price and quantity would be just right.
d
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In the table above, Y is measured along the y-axis and X along the x-axis. The slope between points e and f is
A) -25. B) 4. C) 0.25. D) -0.25.
An estimate is
A) efficient if it has the smallest variance possible. B) a nonrandom number. C) unbiased if its expected value equals the population value. D) another word for estimator.
Policymakers should be aggressive in using their powers to place limits on firm behavior, because business practices that appear to reduce competition never have any legitimate purposes
a. True b. False Indicate whether the statement is true or false
Some nations avoid the effects of trade deflection in a trade bloc by enforcing
A. quotas. B. trade diversion. C. trade deflection. D. rules of origin.