-The Figure Above Shows the Market for Private Elementary School

question 160

Multiple Choice

-The figure above shows the market for private elementary school education in Chicago.There is no external cost of private elementary education.If the government does not intervene in this market,the equilibrium number of students being privately educated is ________ and the efficient quantity is ________.

• A) 0 students; 400 students
• B) 400 students; 400 students
• C) 400 students; 600 students
• D) 600 students; 400 students
• E) 600 students; 600 students

---

Definitions:

High-income Economies

Countries with a high gross national income per capita, according to classification by international financial institutions like the World Bank.

Lower-middle-income Economies

Countries classified by the World Bank based on gross national income (GNI) per capita that are above low-income but below upper-middle-income thresholds.

Upper-middle-income Economies

Nations with a gross national income per capita above a certain threshold set by the World Bank, but below that of high-income economies.

Command Economies

In these economic frameworks, the central authority or government is responsible for making choices about the creation and allocation of goods and services.