When Externalities Are Present

question 104

Multiple Choice

When externalities are present,

• A) suppliers will refuse to produce desired goods and services.
• B) this indicates that property rights are well-defined and enforced.
• C) competitive market outcomes may be inconsistent with ideal economic efficiency.
• D) competitive markets will generally achieve ideal economic efficiency.

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Definitions:

Relevant Information

Data or facts closely related to the matter at hand, contributing to a meaningful understanding or decision-making process.

Higher Education

An advanced level of study undertaken after completing high school, typically at colleges or universities.

Vocational Domain

The field or area of work and career, often focused on specialized skills and education for particular jobs or professions.

Stereotypic Kind

Categories of people or things based on oversimplified and generalized traits or characteristics.