Private schools are able to exclude students from attending classes they offer unless students have been accepted and paid tuition and fees. This suggests that education is
A) subject to the principle of rival consumption.
B) subject to the free-rider problem.
C) not subject to the exclusion principle.
D) a public good.
A
Economics
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Government payment of a per-unit subsidy for medical care causes the out-of-pocket price that consumers pay for care to be
A) less than the price that producers receive for providing care. B) greater than the price that producers receive for providing care. C) greater than the market clearing price without the subsidy. D) equal to zero.
Economics
An upward-sloping Engel curve indicates that
a. the good is normal. b. the good is inferior. c. demand for this good is elastic. d. demand for this good is inelastic.
Economics