(Table: Externalities from Parks) the Table Externalities from Parks Shows

question 62

Multiple Choice

(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.If 5 acres is dedicated to the park, this outcome is _________ because _ .

• A)efficient; MSB = MSC
• B)efficient; MSB > MSC
• C)inefficient; MSB > MSC
• D)inefficient; MSB < MSC

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Definitions:

Free Trade

An economic policy that allows imports and exports between countries with minimal governmental restrictions or tariffs to promote international trade.

World Price

The international market price of a good, influenced by global demand and supply conditions.

Domestic Price

The price of goods or services within a country's borders.

Oil Barrels

A standard unit of measure for crude oil and other petroleum products, equivalent to 42 U.S. gallons.