The Figure Below Shows the Demand and Supply Curves in the Market

question 63

Multiple Choice

The figure below shows the demand and supply curves in the market for elementary education. Figure 13.1
In the figure,
D: Private demand curve for elementary education
D + s: Demand curve which includes public benefits
S: Supply curve of education
Price and Quantity have been taken on vertical and horizontal axes respectively.
According to Figure 13.1, the outcome of an unregulated, unsubsidized market would be:

• A)point a.
• B)point b.
• C)point c.
• D)point d.
• E)point e.

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Definitions:

Reflective Judgment

The process of reasoning through complex issues with uncertainty and synthesizing evidence and opinion to form a justified conclusion.

Critical Thinking

The analysis and evaluation of an issue in order to form a judgment.

Tacit Knowledge

The kind of knowledge that is difficult to transfer to another person by writing it down or verbalizing it.

Cognitive Processes

Mental activities involved in acquiring, storing, retrieving, and using knowledge.