A Common Resource Is Used Efficiently If

question 340

Multiple Choice

A common resource is used efficiently if

• A) the output is maximized.
• B) marginal social benefit equals marginal social cost.
• C) marginal private benefit equals marginal private cost.
• D) marginal social benefit is maximized.

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Definitions:

Hierarchical Power-Sharing

A system of governance or organizational structure where power and authority are distributed according to levels of hierarchy but are shared among different ranks.

Prejudice

A preconceived opinion or judgment about someone or something that is not based on reason or actual experience, often negatively biased.

Gig Economy

A labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs, often facilitated by digital platforms.

Precariat Class

A social class formed by people suffering from precarity, which entails living without predictability or security, especially in employment.