In a Market with an Effective Production Quota

question 109

Multiple Choice

In a market with an effective production quota,

• A)marginal social benefit exceeds marginal social cost.
• B)marginal social benefit equals marginal social cost.
• C)marginal social cost exceeds marginal social benefit.
• D)marginal social cost is greater than the equilibrium price.
• E)marginal social benefit is less than the equilibrium price.

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Definitions:

Irrational

Going against the rules of reason. (Not the same as nonrational, such as when we say that worms and fish are “not rational animals.”) Only rational (that is, thinking, planning, calculating) creatures can be irrational.

Problem of Evil

A philosophical dilemma concerning how to reconcile the existence of evil with an omnipotent, omnibenevolent, and omniscient God.

Theodicies

Justifications of God's goodness and omnipotence in the face of the existence of evil.

Critical Discussion

A method of engaging in constructive dialogue and examination of ideas, theories, or beliefs in a detailed and analytical manner.