Use the Table Below to Answer the Following Questions

question 23

Multiple Choice

Use the table below to answer the following questions.
Table 16.2.2
Chemical Fertilizer Market

-Refer to Table 16.2.2. Fertilizer has a marginal

• A)external cost of $100 a tonne.
• B)social cost of $100 a tonne.
• C)external cost of $30 a tonne.
• D)private cost of $30 a tonne.
• E)external cost of $0.

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Definitions:

Traditional Authority

refers to a form of leadership in which the power of rulers is rooted in customs, traditions, and societal norms, often passed down through generations within families or clans.

Bureaucracy

An organizational structure characterized by standardized procedure, hierarchy of authority, and a clear division of labor, often within governmental agencies.

Capitalism

A financial system in which commerce, business, and resources are primarily or wholly owned and managed by private individuals for monetary gain.

Socialism

A political and economic theory advocating for the means of production, distribution, and exchange to be owned or regulated by the community as a whole.