When Externalities Are Present

question 104

Multiple Choice

When externalities are present,

• A) suppliers will refuse to produce desired goods and services.
• B) this indicates that property rights are well-defined and enforced.
• C) competitive market outcomes may be inconsistent with ideal economic efficiency.
• D) competitive markets will generally achieve ideal economic efficiency.

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Definitions:

Humanistic Psychology

A psychological perspective emphasizing individual potential, self-actualization, and the importance of free will and personal growth.

Birth of Psychology

The historical commencement of psychology as a distinct scientific discipline, marked by Wilhelm Wundt establishing the first experimental psychology lab in 1879.

1879 in Germany

Marks the year when Wilhelm Wundt founded the first laboratory dedicated to experimental psychology, marking the birth of psychology as a distinct scientific discipline.

Wilhelm Wundt

Often referred to as the father of modern psychology, he established the first psychology laboratory in Leipzig, Germany, in 1879.