The table above provides information about the marginal private benefit for education
The marginal private cost, which also equals the marginal social cost, of educating a student is $16,000 per year and does not change as more students are educated. There is an external benefit from education that is equal to $12,000 per student year and does not change as more students are educated. What is the efficient amount of education? A) 40,000 student-years
B) 60,000 student-years
C) 80,000 student-years
D) 100,000 student-years
D
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Refer to Figure 8.2. If the firm expects $80 to be the long-run price, how many units of output will it plan to produce in the long run?
A) 22 B) 34 C) 38 D) 50 E) 64
The word stagflation describes a situation in which:
a. a higher price level occurs simultaneously with higher employment b. a lower price level occurs simultaneously with economic growth. c. a higher price level occurs simultaneously with lower aggregate output. d. a lower price level occurs simultaneously with federal budget deficits. e. a higher price level occurs simultaneously with federal budget surpluses.