If a Good Has an External Cost,the

question 104

Multiple Choice

If a good has an external cost,the

• A) unregulated competitive market outcome is efficient.
• B) marginal private cost reflects the external cost.
• C) unregulated competitive market outcome is inefficient.
• D) marginal social benefit is equal to the marginal social cost when the market is in equilibrium.
• E) external benefit must equal the external cost.

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Definitions:

Venipuncture Procedure

A medical procedure that involves puncturing a vein with a needle to draw blood for testing or to administer medication.

Tourniquet

Any constrictor used on an extremity to produce pressure on an artery and control bleeding; also used to distend veins for the withdrawal of blood or the insertion of a needle to instill intravenous injections.

Phlebotomist

A healthcare professional specialized in drawing blood from patients for various tests, transfusions, research, or donations.

Antecubital

The inner surface of the arm at the elbow.