Use the Following to Answer Questions

question 31

Multiple Choice

Use the following to answer questions:
-(Table: Externalities from Parks) The table Externalities from Parks shows the marginal social benefit and the marginal social cost of preserving various amounts of land in a city for a public park. The socially optimum amount of land dedicated to the public park will be _____ acres.

• A) 0
• B) 1
• C) 3
• D) 9

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Definitions:

Express Provision

An express provision is a clause or term in a contract or legal document that is explicitly stated, leaving no room for misunderstanding or interpretation.

Personal Nature

Characteristics or activities that belong to or are intended for a specific individual, often relating to private or intimate aspects of life.

Donee Beneficiary

In contract law, a person who benefits from a contract made between two other parties, where the intention is to gift the benefit or performance.

Promisee

A person to whom a promise is made or directed, particularly in a legal contract.