Traffic Congestion Causes Higher Costs and Discomfort to Residents of a City.An

question 76

Multiple Choice

Traffic congestion causes higher costs and discomfort to residents of a city.An outcome like this arises for common resources because:

• A)the marginal social cost of any one individual's use of the roads is less than the individual marginal cost.
• B)the marginal social cost of any one individual's use of the roads is greater than the individual marginal cost.
• C)the marginal social cost of any one individual's use of the roads equals the individual marginal cost.
• D)it is impossible to compare the marginal social cost of any one individual's use of the roads with the individual marginal cost.

Understand the principles and outcomes of the ultimatum game in behavioral economics.

Explain the concept of asymmetric information and how it leads to problems like moral hazard and adverse selection.

Identify and describe systematic behavioral mistakes such as overconfidence, availability bias, and brand loyalty despite evidence.

Explain the use of the Borda count and pairwise voting in decision making processes.

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