Wilson Is a Sixth-Grader Who Was Born with a Genetic

question 1

Multiple Choice

Wilson is a sixth-grader who was born with a genetic abnormality. If he has one hundred classmates, how many of them, on average, were also born with genetic abnormalities?

• A) 3 or 4
• B) 15
• C) 25
• D) 45

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Definitions:

Allocative Efficiency

Occurs when resources are distributed in a way that maximizes the net benefit to society.

Consumer Surplus

The difference between the maximum price a consumer is (or consumers are) willing to pay for an additional unit of a product and its market price; the triangular area below the demand curve and above the market price.

Net Benefit

Net benefit refers to the total positive effects or advantages of a decision or action, minus any costs or negative effects associated with it.

Creative Destruction

A process where new innovations cause the demise of older industries or technologies, leading to economic growth and development.