Use the Figure Below to Answer the Following Questions

question 24

Multiple Choice

Use the figure below to answer the following questions.

Figure 16.3.1
-Refer to Figure 16.3.1.The figure shows the marginal private benefit curve,the marginal social benefit curve,and the market supply curve.If production is left to the private market,then

• A)the quantity produced is less than the efficient quantity.
• B)the quantity produced is greater than the efficient quantity.
• C)price is greater than marginal social benefit quantity.
• D)the marginal cost curve is horizontal.
• E)none of the above.

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Definitions:

Common/Unique Traits

Attributes or characteristics that can be widely shared among individuals or distinctively unique to an individual.

Obvious/Hidden

Pertains to phenomena or characteristics that are readily apparent versus those that are concealed or not immediately noticeable.

Nature and Nurture

The debate regarding the relative contributions of genetics (nature) and environment (nurture) to individual development and behavior.

Free Will

The concept that individuals have the ability to make choices that are not determined by prior causes or by divine intervention.