Scenario 10-1 The Demand Curve for Gasoline Slopes Downward and the Supply

question 45

Multiple Choice

Scenario 10-1
The demand curve for gasoline slopes downward and the supply curve for gasoline slopes upward. The production of the 1,000^th gallon of gasoline entails the following:
• a private cost of $3.10;
• a social cost of $3.55;
• a value to consumers of $3.70.
-Refer to Scenario 10-1. The production of the 1,000^th gallon of gasoline entails an

• A)external cost of $0.15.
• B)external cost of $0.45.
• C)external benefit of $0.15.
• D)external benefit of $0.45.

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Control

The process by which an organization ensures that activities are being executed according to plan and adjusts as necessary to achieve objectives.

Authorize

To officially empower someone or grant permission for something to happen.

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To recognize the full worth of something or to be grateful for something or someone.