Use the Figure Below to Answer the Following Questions

question 73

Multiple Choice

Use the figure below to answer the following questions.

Figure 16.3.3
-Refer to Figure 16.3.3. The figure shows the marginal private benefit and marginal social cost of a university education. If society's external benefit from university graduates is $10,000 each, then the

• A)marginal social cost curve lies $10,000 to the left of the private marginal benefit curve.
• B)marginal social cost curve lies $10,000 to the right of the private marginal benefit curve.
• C)marginal social benefit curve lies $10,000 below the private marginal benefit curve.
• D)marginal social benefit curve lies $10,000 above the private marginal benefit curve.
• E)marginal social benefit curve is horizontal.

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Definitions:

SMART Goal

A framework for setting objectives that are Specific, Measurable, Achievable, Relevant, and Time-bound, facilitating clear and attainable goal-setting.

Specific

Pertaining to a distinct or particular item, characteristic, or quality, clearly defined or identified.

Maslow's Hierarchy

A theory of psychological health predicated on fulfilling innate human needs in priority, culminating in self-actualization.

Materialism

The tendency to consider material possessions and physical comfort as more important than spiritual values.