The Benefit from an Additional Unit of a Good or Service

question 45

Multiple Choice

The benefit from an additional unit of a good or service that people other than the consumer of that good or service receives is the

• A) opportunity cost.
• B) marginal external benefit.
• C) marginal private benefit.
• D) marginal social benefit.

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Definitions:

Significance Test

A statistical method used to determine if there is a significant difference between groups or conditions, typically by comparing p-values to predefined significance levels.

Outliers

Observations in a dataset that are significantly different from the other data points, often indicating measurement error, variability in measurement, or a novel discovery.

Alternative Hypothesis

In statistics, the hypothesis that proposes there is a difference between two or more groups or variables, contrasted with the null hypothesis.

Two-sided Test

A statistical test designed to determine if there is a significant difference between a parameter and a specific value, in either direction.