If There Are No External Costs or Benefits, No Price

question 273

Multiple Choice

If there are no external costs or benefits, no price or quantity regulations, no taxes or subsidies, and the good is not a public good or a common resource, then efficiency is

• A) achieved when a monopoly produces the good.
• B) achieved when the good is produced in a competitive market.
• C) achieved when the amount of output exceeds the amount produced in a competitive market.
• D) unrelated to the amount produced in a competitive market.

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Definitions:

Fatigue

A state of persistent tiredness or weakness, which can be caused by physical or mental strain, lack of sleep, or health conditions.

Weakness

A reduction in the strength or power of a muscle or bodily function.

Common Cold

A viral infectious disease of the upper respiratory tract characterized by symptoms like coughing, sneezing, and a runny nose.

Influenza

A viral outbreak characterized by its rapid spread, affecting the respiratory tract with symptoms like high fever, intense body aches, and mucus buildup, typically seen in epidemic proportions.