Markets Provide the Efficient Amount of a Good or Service

question 184

Multiple Choice

Markets provide the efficient amount of a good or service when

• A) externalities are present.
• B) monopoly exists.
• C) public goods are present.
• D) competition is present and externalities and public goods are absent.

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Definitions:

Major Organic Product

The primary substance produced in the highest yield during an organic chemical reaction.

Major Product

The primary product formed in the greatest amount during a chemical reaction.

Saponification

A chemical reaction involving the hydrolysis of fats or oils by an alkali to produce glycerol and soap.

Ester Hydrolysis

A chemical reaction in which an ester is converted into its constituent alcohol and acid by the action of water or a hydroxide ion.