Why might spending on basic literacy for girls have a social return that exceeds the private return?
What will be an ideal response?
Because women most often have responsibility for childcare and rearing, basic literacy will translate into healthier and better-educated children. The private return to the mother may be low or unmeasurable.
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Refer to Figure 12-12. Consider a typical firm in a perfectly competitive industry that makes short-run profits. Which of the diagrams in the figure shows the effect on the industry as it transitions to a long-run equilibrium?
A) Panel A B) Panel B C) Panel C D) Panel D
Refer to Figure 16-3. Suppose Chantal practices price discrimination. Which of the following statements is true?
A) By charging different prices in markets A and B, Chantal can transfer some producer surplus into economic profit. B) Chantal's profits will be higher if she has uniform pricing instead of different prices for different groups of customers. C) By charging a higher price in market B, Chantal has transferred some of the consumer surplus from customers in market B to customers in market A. D) By charging a higher price in market B, Chantal can convert some consumer surplus into economic profit.