Protecting Endangered Species Are Likely to Be

question 290

Multiple Choice

Protecting endangered species are likely to be

• A) a private cost.
• B) a public cost.
• C) both private and public costs.
• D) neither a private nor public cost.

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Definitions:

Market Equilibrium

A situation in a market where the quantity supplied equals the quantity demanded, often corresponding to an equilibrium price.

Price Ceiling

A maximum limit set by the government on the price of a good or service, intended to protect consumers.

Market Price

The price at which an asset or service is currently being traded in a given market.

Supply Curve

A graphical representation of the relationship between the price of a good or service and the amount that suppliers are willing to offer for sale, typically upward sloping because higher prices incentivize more production.