Use the Figure Below to Answer the Following Questions

question 74

Multiple Choice

Use the figure below to answer the following questions.

Figure 16.2.1
-Refer to Figure 16.2.1.The figure shows the private marginal cost curve,the social marginal cost curve and the market demand curve.If the market is unregulated,then at the equilibrium output the marginal social cost of production is

• A)less than the marginal benefit to consumers.
• B)greater than the marginal benefit to consumers.
• C)equal to the marginal benefit to consumers.
• D)equal to the marginal private cost of production.
• E)less than the marginal private cost of production.

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Definitions:

Vicariously Liable

Holding one person responsible for the actions of another, especially in legal contexts where employers are responsible for their employees.

Collective Bargaining

The process of negotiation between employers and a group of employees aimed at agreements to regulate working conditions.

Labour Relations Board

A governmental body responsible for overseeing and enforcing labor and employment laws, specifically relating to collective bargaining and union rights.

Collective Bargaining

The process of negotiation between employees, usually through their unions, and employers on terms of employment, such as wages and working conditions.