A labor market application of the legal cartel theory of regulation would be:

The best measure of a country's living standard is______

a. real gdp per capita b. average annual investments c. CPI-based inflation rates d. the minimum wage

Because there are positive externalities from higher education,

a. private markets will under-supply college classes. b. private markets will over-supply college classes. c. the government should impose a tax on college students. d. government intervention cannot improve the market for college classes.