Suppose That There Is Not Enough Parking at an Urban

question 13

Multiple Choice

Suppose that there is not enough parking at an urban university.Sometimes students come to campus,spend a few minutes searching for a parking spot,and then decide that going to class isn't worth the effort of continuing to search for a spot and go home.Assume that all professors give midterm exams on the same day.You would expect the optimal time spent searching for a parking space on that day to __________ because __________.

• A)decrease;the marginal costs are higher.
• B)increase;the marginal costs are lower.
• C)increase;the marginal benefits are higher.
• D)decrease;the marginal costs are lower.

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Definitions:

GDP

Gross Domestic Product is the sum of the market value of all final goods and services made within a country's borders in a given timeframe.

Gross National Product

The total value of all goods and services produced by a country's residents and businesses, regardless of where the production takes place, over a defined period.

Net Domestic Product

The total value of all goods and services produced within a country in a specific time period, minus depreciation.

National Income

The total value of all goods and services produced by a country over a specific period, often considered an indicator of economic health.