An Externality Arises When

question 45

Multiple Choice

An externality arises when:

• A)an economic good is produced by many firms.
• B)the actions of a decision maker affect other decision makers in a way not reflected in the market price.
• C)the actions of a decision maker do not affect other decision makers.
• D)the market equilibrium is inefficient.

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Definitions:

Acetylene Regulator

A device used to control the pressure and flow of acetylene gas from a tank to an output, commonly used in welding.

Oxygen Torch Valve

A valve on an oxygen torch that regulates the flow of oxygen to control the flame for welding or cutting purposes.

PPE

Personal Protective Equipment; gear worn to minimize exposure to hazards that can cause serious workplace injuries and illnesses.

Electric Arc Welding

A type of welding process using an electrical arc to generate heat to melt and join metals together.