Most economists believe that there are positive externalities in education. One can conclude that a free market would fail to give the socially optimal outcome because the equilibrium:
a. price and quantity would be too high.
b. price would be too low and quantity would be too high.
c. price and quantity would be too low.
d. price would be too high and quantity would be too low.
e. price and quantity would be just right.
d
Economics