When Private and Social Costs Are Equal

question 104

Multiple Choice

When private and social costs are equal,

• A)Market failure occurs.
• B)There are no external costs.
• C)Government failure occurs.

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Definitions:

Probability

A measure of the likelihood that a particular event will occur, expressed as a number between 0 and 1, where 1 represents certainty.

Good Job

A term of praise or acknowledgment used to express approval of someone's performance or effort in a task or responsibility.

Outcome

The result or effect of an action, situation, or decision.

Expectancy

The belief or anticipation about the likelihood that a specific outcome will occur, often influencing motivation and behavior.