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If a positive externality results from the consumption of higher education, then the marginal benefit students receive from education: a
If a positive externality results from the consumption of higher education, then the marginal benefit students receive from education:
a. is less than the marginal social benefit.
b. equals the marginal social benefit
c. includes the marginal social benefit
d. exceeds the marginal social benefit
Expert Solution
If a positive externality results from the consumption of higher education, then the marginal benefit students receive from education
a. is less than the marginal social benefit.
Marginal benefit is the extra benefit that a consumer earns on consumption of an extra unit of a given commodity. When consumption of higher education is a positive externality, then the marginal benefit received by students will be less than the marginal social benefit because a higher number of community members will be willing to consume and pay for the higher education.
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