ION B Table 10-3 Quantity Private Value Private Cost External Benefit (Units) (Dollars) (Dollars) (Dollars) 22 12 10 2 20 15 10 3 18 18 10 4 16 21 10 14 24 10 6 12 27 10 Refer to Table 10-3. The table represents a market in which O a. there is a positive externality. O b. The answer cannot be determined from inspection of the table, O c. there is no externality. O d. there is a negative externality.QUESTION 9 10 points (Extra Credit) Save Answer What is an inferior good? What is a luxury good? is it possible for some good on the market to be inferior and luxury at the same time? Briefly explain, For the toolbar, press ALT-F10 (PC] or ALT+FN.F10 (Mac). B U ParanrankQUESTION 11 The demand curve for capital O a. reflects the marginal productivity of capital. O b, is horizontal. O C. is derived from households' decisions concerning saving and spending. O d. is vertical.QUESTION 12 Scenario 18-6 Suppose the following events occur in the market for university economics professors. Event 1: A recession in the U.S. economy lowers the opportunity cost of going to graduate school in economics to become a university economics professor. Event 2: An increasing number of students in U.S. primary and secondary schools increases the number of students entering college. increasing the output price of university economics professors' services, Refer to Scenario 18-6. As a result of these two events, holding all else constant, the equilibrium quantity of university economics professors will O a. increase, O b. decrease. O G. not change. O d. not be able to be determined without more informationQUESTION 13 If we want to gauge how much the income tax system distorts incentives, we should use the O a ability-to-pay principle. O b. marginal tax rate. O G average tax rate. Old, total tax revenue collected