Which of the Following Statements Is INCORRECT

question 20

Multiple Choice

Which of the following statements is INCORRECT?

• A)When external benefits exist in a market, Qmarket < Qefficient.
• B)When external benefits exist in a market, social surplus is maximized when social benefits equal the marginal costs of
• Production.
• C)When external costs exist in a market, Qmarket > Qefficient.
• D)Through taxation, government action can result in Qmarket = Qefficient.

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Definitions:

Article 2A

A section of the Uniform Commercial Code that governs the leasing of personal property, establishing legal standards and protections.

Battle Of The Forms

A legal conflict that arises when two parties conducting business each provide their own sales contracts, which contain conflicting terms.

Fine Print

Small, often difficult to read text in contracts or agreements that can contain important legal obligations or information.

Merchant

An individual or business entity engaged in the sale and purchase of goods for profit.