A Common Resource Is Used Efficiently If

question 340

Multiple Choice

A common resource is used efficiently if

• A) the output is maximized.
• B) marginal social benefit equals marginal social cost.
• C) marginal private benefit equals marginal private cost.
• D) marginal social benefit is maximized.

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Definitions:

Episodic Memory

The type of long-term memory that involves the recollection of specific events, situations, and experiences.

Script

A schema for an event, often containing information about physical features, people, and typical occurrences.

Implicit Memory

Memory that enables people to perform tasks without conscious awareness of these previous experiences.

Episodic Memory System

The episodic memory system is a part of the brain's memory system responsible for storing specific events or episodes that occurred at a particular time and place.