When Individuals Take External Costs and Benefits into Account

question 147

Multiple Choice

When individuals take external costs and benefits into account:

• A)there are no external costs.
• B)they internalize the externality.
• C)the government should intervene in the market.
• D)the market will not reach an efficient solution.

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Definitions:

CloneNotSupportedException

An exception in Java indicating an attempt to clone an object that does not implement the Cloneable interface.

Inner Classes

Inner Classes in Java are defined within the body of another class and can access all the members (including private ones) of the outer class.

Java Interface

A reference type in Java that can contain only method signatures and static fields, used to define a contract for classes to implement.

Encapsulation

Encapsulation is an object-oriented programming concept involving the bundling of data with the methods that operate on that data, restricting direct access to some of the object's components.