Markets Provide the Efficient Amount of a Good or Service

question 184

Multiple Choice

Markets provide the efficient amount of a good or service when

• A) externalities are present.
• B) monopoly exists.
• C) public goods are present.
• D) competition is present and externalities and public goods are absent.

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Definitions:

Engineering

The application of scientific principles to design, build, and maintain structures, machines, and systems.

Crosstabulation

A method in statistics used to examine the relationships between two or more categorical variables by displaying data in a tabular format.

Column Percentages

Represents the percentages that each value in a column represents out of the total for the column, often used in statistical analysis to summarize categorical data.

Row Percentages

The percentages of each category within a row in a contingency table, often used in categorical data analysis.