If There Are No External Costs or Benefits, No Price

question 273

Multiple Choice

If there are no external costs or benefits, no price or quantity regulations, no taxes or subsidies, and the good is not a public good or a common resource, then efficiency is

• A) achieved when a monopoly produces the good.
• B) achieved when the good is produced in a competitive market.
• C) achieved when the amount of output exceeds the amount produced in a competitive market.
• D) unrelated to the amount produced in a competitive market.

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Definitions:

Electrical Stimulation

A therapeutic technique that uses electrical impulses to cause muscles to contract, aiding in muscle rehabilitation and pain management.

Speech Arrest

A sudden and involuntary cessation of speech, often observed in neurological disorders.

Left Temporal Lobe

The region of the brain located beneath the left side of the skull, associated with understanding language and processing auditory information.

Recognize Melodies

The cognitive process of identifying and understanding musical tunes, which is often linked to the brain's auditory cortex and memory systems.