An Individual Would Choose the Number of News Articles to Read

question 44

Multiple Choice

An individual would choose the number of news articles to read based on his/her:

• A)marginal social benefit and marginal private cost.
• B)total private benefits and the social benefit.
• C)marginal social benefit and the marginal social cost.
• D)marginal private benefit and marginal cost.

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Definitions:

Short-Run Equilibrium

A state in which market supply and demand balance out at current prices, leading to an economic situation where no incentive exists for prices to change.

Allocative Efficiency

A state of resource distribution where it is impossible to make one individual better off without making someone else worse off.

Economic Profit

The difference between total revenues and total economic costs, including both explicit and implicit costs.

Industry

A sector of the economy composed of businesses and organizations involved in the production of goods or provision of services.