Examlex
Which of the following is most likely to generate an externality?
Demand Curves
A graphical representation showing how the quantity demanded of a good or service varies with its price.
Supply Curves
A graphical representation of the relationship between the price of a good and the quantity of the good supplied by producers.
Allocative Efficiency
A state of the economy in which production represents consumer preferences; in other words, when capital goods are distributed in the most beneficial manner among the population.
Production Possibilities Curve
A graphical representation that shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently utilized.
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