Foundations of Economics (8th Edition)
Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 10, Problem 5MCQ
To determine

To choose:

The option that correctly explains a commodity or service having positive externality.

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A situation in which the Marginal Social Cost is greater than the Marginal Private Cost is a. Positive Consumption Externality ○ b. Positive Production Externality c. Negative Production Externality ○ d. Negative Consumption Externality Clear my choice
A negative externality exists if   A. there are price controls in a market.   B. the marginal private cost of producing a good or service exceeds the social cost.   C. there are quantity controls in a market.   D. the marginal social cost of producing a good or service exceeds the private cost.
An externality is Select one: a. the uncompensated impact of one person's actions on the well-being of a bystander. b. a market equilibrium tax. c. the costs that parties incur in the process of agreeing and following through on a bargain. d. the proposition that private parties can bargain without cost over the allocation of resources.
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