When External Benefits Are Present

question 43

Multiple Choice

When external benefits are present,

• A) property rights have already been established.
• B) competitive markets are efficient.
• C) competitive markets are inefficient.
• D) a tax is required to eliminate the inefficiency.

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Definitions:

Universal

Pertaining to a statement or concept that applies to all cases or instances without exception.

Particular

In logic, a particular statement is one that claims the existence of at least one instance of something, often contrasted with universal statements that claim something about all instances.

Contrary Propositions

In logic, contrary propositions are pairs of statements that cannot both be true at the same time, but can both be false.

Forms

In logic, refers to the various shapes or structures that arguments or propositions can take, based on the arrangement of their terms or components.