In an Unregulated, Competitive Market, Less Than the Efficient Quantity

Multiple Choice

In an unregulated, competitive market, less than the efficient quantity of education is produced and consumed because

A) the decisions to produce and consume education are based on marginal private costs and marginal private benefits.
B) the decisions to produce and consume education are based on marginal social costs and marginal social benefits.
C) the decisions to produce and consume education are based on marginal private benefits and marginal social costs.
D) marginal private costs are consistently greater than marginal private benefits.