Consider the market for tertiary education with no government intervention depicted in the graph below and answer the questions that follow. The demand curve reflects the private benefit to the consumers of education. Assume there is no externality on the supply side.

P SMSC $35,000 $30,000 $25,000 $20,000 $15,000 + $10,000 $5,000 DMPB 2 4 6 8 10 12 Q (in millions of students)