If There Are No External Costs or Benefits, No Price

question 83

Multiple Choice

If there are no external costs or benefits, no price or quantity regulations, no taxes or subsidies, and the good is not a public good or a common resource, then efficiency is

• A) achieved when a monopoly produces the good.
• B) achieved when the amount of output exceeds the amount produced in a competitive market.
• C) achieved when the good is produced in a competitive market.
• D) unrelated to the amount produced in a competitive market.

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Definitions:

MRI

Magnetic Resonance Imaging, a diagnostic technique that uses magnetic fields and radio waves to produce detailed images of the body’s internal structures.

Metalworker

An artisan or craftsman who shapes and molds metals into various objects, structures, or components, employing methods like welding, forging, and casting.

Diagnostic Procedure

A medical test performed to aid in the diagnosis or detection of disease.

Dosimeter

A device that measures exposure to ionizing radiation and helps in assessing the dose received by an individual or an object.