Use the Table Below to Answer the Following Questions

question 33

Multiple Choice

Use the table below to answer the following questions.
Table 16.2.1

-Refer to Table 16.2.1. Given in the table are the marginal private cost and the marginal social cost of the production of chemical fertilizer and the marginal social benefit from the consumption of fertilizer. Assume the market is perfectly competitive. If the market is unregulated, the marginal

• A)social cost equals the marginal private benefit.
• B)private cost is less than the marginal social benefit.
• C)private cost equals the marginal social benefit.
• D)social cost equals the marginal private cost.
• E)private cost is greater than the marginal social benefit.

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Definitions:

Mean

The arithmetic average of a set of numbers, calculated by adding all the numbers together and dividing by the count of the numbers.

Population Mean

The average value of a population attribute.

Population Standard Error

The standard deviation of a sampling distribution, measuring the dispersion of sample means around the population mean.

Confidence Interval

A range of values, derived from the statistics of observed data, that is likely to contain the value of an unknown population parameter.