1.12 Wilson walks into his Economics class ten minutes late because he couldn’t find a place to park. Because of his tardiness, he doesn’t hear the professor tell the class there will be a quiz at the next class session. At the next class session,Wilson is unprepared for the quiz and ends up failing it.

a MightWilson’s failing the quiz have anything to do with the price of parking? Explain your answer.

b Suppose Wilson says to his professor: “If this university had set equilibrium prices for parking, I wouldn’t have been late to class, and therefore, I would have heard about the upcoming quiz, studied for it, and probably passed it. It’s not my fault I failed the quiz. It’s the university’s fault for not setting the equilibrium price for parking.”What would you say if you were the professor?