-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 ________.
Definitions:
Economic Model
A simplified representation of economic processes, used to predict and analyze real-world economic behaviors.
Real World
Refers to actual events, scenarios, and dynamics occurring in societies and economies, not based on theoretical models or simulations.
Standard Set
A set of uniform criteria, guidelines, or benchmarks established by a regulatory authority or industry to ensure quality, consistency, and compatibility.
Economic Questions
Fundamental queries that address how a society decides on what to produce, how to produce, and for whom to produce, reflecting the allocation of resources.
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