Education has an external benefit. So to achieve the efficient level of education, an education voucher must equal the difference between the
A) marginal (private) cost and the marginal social benefit.
B) marginal (private) benefit and the marginal social benefit.
C) marginal social benefit and the marginal (private) cost.
D) dollar price and marginal (private) cost.
E) marginal (private) cost and the marginal social cost.
B
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Establishing a unit of value and establishing a standard means of payment are two functions of a monetary system
a. True b. False
The marginal benefit of pollution abatement is the
A) additional cost to clean up an additional unit of pollution. B) additional benefit from cleaning up an additional unit of pollution. C) total social costs of pollution clean-up divided by total social benefits. D) total social costs of pollution clean-up divided by the total units of clean-up.