Use the Following to Answer Questions

question 136

Multiple Choice

Use the following to answer questions:
-(Table: Externalities from Parks) The table 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, the park is:

• A) too large.
• B) the socially optimum size.
• C) too small.
• D) the efficient size.

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Definitions:

Just-In-Time

An inventory management strategy that increases efficiency and decreases waste by receiving goods only as they are needed in the production process, reducing inventory costs.

Import Duties

Taxes imposed by a government on goods imported from other countries, meant to protect domestic industries and generate revenue.

Global Procurement

The process of sourcing goods and services from the global market to exploit global efficiencies such as lower cost, enhanced quality, and better supply dynamics.

Hospitality Environment

The setting or atmosphere provided by businesses in the hospitality industry, such as hotels, restaurants, and bars, aimed at providing services for guests or visitors.