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. Might Wilson'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?