-For a Common Resource, the Equilibrium with No Government Intervention

question 51

Multiple Choice

-For a common resource, the equilibrium with no government intervention is such that ________ equals ________.

• A) marginal social cost; marginal social benefit
• B) marginal social benefit; marginal external cost
• C) marginal private benefit; marginal social cost
• D) marginal social benefit; marginal private cost
• E) marginal external benefit; marginal external cost

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Definitions:

Importance

The state or fact of being of great significance or value.

Crystallized Cognitive Ability

Represents the ability to use learned knowledge and experience, an aspect of intelligence that tends to improve with age.

Intellectual Ability

the capacity to perform mental activities such as reasoning, problem-solving, and learning.

Innate Intelligence

The natural intellectual abilities or talents a person is born with.