-The Figure Above Shows the Market for a Good with an External

question 272

Multiple Choice

-The figure above shows the market for a good with an external benefit.When 6 units are produced,marginal social benefit equals ________ and marginal external benefit equals ________.

• A) $200; $150
• B) $350; $200
• C) $200; $50
• D) $350; $150
• E) $150; $250

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Definitions:

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale, leading to increased interconnectedness and interdependence among countries.

Neolithic Period

A phase in human history marked by the development of agriculture and permanent settlements, roughly beginning around 10,000 BCE.

Domestication

The process by which humans modify the genetic traits of plants and animals to better serve human purposes.

Agriculture

The science or practice of farming, including cultivation of soil for growing crops and rearing animals to provide food, wool, and other products.