The above figure shows the marginal private benefit and marginal social cost of a college education. If society's external benefits from college graduates is $10,000 each, then without government intervention
A) no students will go to college.
B) less than 10 million students will go to college.
C) 10 million students will go to college.
D) more than 10 million students will go to college.
C
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Third-degree price discrimination exists whenever:
a. the seller knows exactly how much each potential customer is willing to pay and will charge accordingly. b. different prices are charged by blocks of services. c. the seller can separate markets by geography, income, age, etc., and charge different prices to these different groups. d. the seller will bargain with buyers in each of the markets to obtain the best possible price.
According to the Bureau of Labor Statistics' survey, which category represents the largest expense for the typical urban family?
a. Housing. b. Food and beverages. c. Transportation. d. Medical care.