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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Wilson walks into his economics class 10 minutes late because he couldn’t find a place to park. Because of his tardiness, he doesn’t hear the professor tell the class that there will be a quiz at the next session. Consequently, Wilson is unprepared for the quiz and ends up failing it. Might Wilson’s failing the quiz have anything to do with the price of parking?

To determine

The problem of the parking space.

Explanation

Yes, The failure of the person is related to the price of parking. It is known that the parking space in a college is limited and there is an excess demand for parking space in peak hours. The scarcity of parking space can be solved by rationing through price or non-price measures. However, in the given situation, parking fine is not used as a rationing device...

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