A Factor of Production That Cannot Be Used Outside of a Particular

question 22

Multiple Choice

A factor of production that cannot be used outside of a particular sector of an economy is a(an)

• A)specific factor.
• B)mobile factor.
• C)import- competing factor.
• D)variable factor.
• E)export- competing factor.

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Definitions:

Socially Optimal Level

The socially optimal level is the quantity of production or consumption where the marginal social cost equals the marginal social benefit, maximizing overall welfare.

Policymakers

Individuals or groups responsible for making decisions and establishing regulations that guide the economic, social, and political governance of a society.

Marginal Benefit

The plus in satisfaction or usefulness someone gets by consuming an extra unit of a given product or service.

Socially Optimal

A situation in economics where resources are allocated in the most efficient way from a societal perspective.