Graph 10-1 -Refer to Graph 10-1. in the Figure Shown the Marginal

question 169

Multiple Choice

Graph 10-1

-Refer to Graph 10-1. In the figure shown the marginal:

• A) benefit of the positive production externality is measured by P₃ - P₁
• B) cost of the negative production externality is measured by P₃ - P₂
• C) cost of the negative production externality is measured by P₃ - P₁
• D) cost of the negative production externality cannot be measured

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Definitions:

Utilitarians

Advocates of utilitarianism, the ethical theory that posits the greatest happiness for the greatest number as the foundation of morals and legislation.

Hedonism

The ethical theory that pleasure (in the sense of the satisfaction of desires) is the highest good and proper aim of human life.

Pleasure

A feeling of happiness, enjoyment, or satisfaction derived from an experience or activity.

Happy Life

A state of well-being characterized by emotions ranging from contentment to intense joy, often seen as the ultimate goal in various philosophical and ethical theories.