Answer
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Work Step by Step
The increase in the cost of a substitute (public education) will shift the demand curve for a private education to the right, increasing the equilibrium price and quantity.
Microeconomics: Principles, Applications, and Tools (8th Edition)
by O'Sullivan, Arthur; Sheffrin, Steven; Perez, Stephen
Published by
Prentice Hall
ISBN 10:
0-13294-886-9
ISBN 13:
978-0-13294-886-9
Chapter 4 - Demand, Supply, and Market Equilibrium - Exercises - 4.4 Market Effects of Changes in Demand - Page 94: 4.8
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