Refer to Scenario 16

question 65

Multiple Choice

Refer to Scenario 16.2 below to answer the question(s) that follow.
SCENARIO 16.2: The marginal benefit for a particular food is described by MB = 60 - q, where q refers to the quantity of the food. The marginal cost of producing the food is described by MC = 3q. There is a negative externality associated with food production and the marginal social cost of food production is MSC = 5q.
-Refer to Scenario 16.2. The efficient output level is ________ and the efficient price is ________.

• A) 10 units of food; $20
• B) 10 units of food; $50
• C) 0 units of food; $0
• D) 20 units of food; $40

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Definitions:

Binding Problem

A concept in neuroscience and psychology regarding how the brain integrates multiple sensory attributes to produce a unified perception of an object.

Unify

To bring together into a single unit or entity; to make or become united.

Perceive

To become aware or conscious of something through the senses.

Brain Areas

Pertains to distinct regions of the brain that have specialized functions, such as the frontal lobe for decision making or the hippocampus for memory.