In an unregulated, competitive market, less than the efficient quantity of education is produced and consumed because
A) the decisions to produce and consume education are based on marginal private costs and marginal private benefits.
B) the decisions to produce and consume education are based on marginal social costs and marginal social benefits.
C) the decisions to produce and consume education are based on marginal private benefits and marginal social costs.
D) marginal private costs are consistently greater than marginal private benefits.
Question 2
The concept of inferior goods can be used to show that
A) lower prices signal poorer quality.
B) indifference curves can have positive slopes.
C) being able to consume more of all goods does not mean that a person will consume more of every good.
D) consumers will always buy more of all products if their incomes increase.
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