Which of the Following Best Defines the Situation Where the City

question 133

Multiple Choice

Which of the following best defines the situation where the city council fines people who park too long in one spot?

• A)social cost
• B)opportunity cost of technology
• C)internalisation of an externality
• D)regulation

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Definitions:

Economic Approach

A method of analysis that focuses on the principles of supply and demand, cost-benefit analysis, and the rational behavior of individuals within the economy.

Profit

The financial gain obtained when the revenue from business activities exceeds the expenses, costs, and taxes associated with sustaining the activity.

Top-Down Leadership

A leadership approach where decisions and policies are initiated by the upper levels of management and then cascaded down through the ranks.

Culture of the Organization

The shared norms, values, and practices that guide and shape behaviors and attitudes within a company or institution.