Homework Help is Here – Start Your Trial Now!
Business
Economics
1) The provision of education in public school is a) exclusive and rival. b) exclusive and non-rival. c) nonexclusive and non-rival. d) nonexclusive and rival. e) a public good, regardless of exclusivity and rivalness 2) Dry cleaning of clothing produces air pollutants. Therefore, in the market for dry cleaning services, the equilibrium price P paid by consumers a) and output are too low to be optimal. b) and output are too high to be optimal. c) is too low to be optimal, and equilibrium quantity is too high. d) is too high to be optimal, and equilibrium quantity is too low. e) is optimal, but there is an excess supply.

1) The provision of education in public school is a) exclusive and rival. b) exclusive and non-rival. c) nonexclusive and non-rival. d) nonexclusive and rival. e) a public good, regardless of exclusivity and rivalness 2) Dry cleaning of clothing produces air pollutants. Therefore, in the market for dry cleaning services, the equilibrium price P paid by consumers a) and output are too low to be optimal. b) and output are too high to be optimal. c) is too low to be optimal, and equilibrium quantity is too high. d) is too high to be optimal, and equilibrium quantity is too low. e) is optimal, but there is an excess supply.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question

1) The provision of education in public school is

a) exclusive and rival.

b) exclusive and non-rival.

c) nonexclusive and non-rival.

d) nonexclusive and rival.

e) a public good, regardless of exclusivity and rivalness

2) Dry cleaning of clothing produces air pollutants. Therefore, in the market for dry cleaning services, the equilibrium price P paid by consumers

a) and output are too low to be optimal.

b) and output are too high to be optimal.

c) is too low to be optimal, and equilibrium quantity is too high.

d) is too high to be optimal, and equilibrium quantity is too low.

e) is optimal, but there is an excess supply.

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS