If an Externality Is Present in a Market, Economic Efficiency

question 129

Multiple Choice

If an externality is present in a market, economic efficiency may be enhanced by

• A)increased competition.
• B)weakening property rights.
• C)better informed market participants.
• D)government intervention.

Distinguish between direct and period costs and their treatment in cost accounting.

Analyze the impact of over or underapplied overhead on cost of goods sold and financial statements.

Understand the concept of conflict resolution stages and strategies.

Recognize effective and assertive ways to resolve conflicts.

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Definitions:

Mesosystem

In ecological systems theory, the mesosystem refers to the interactions between different microsystems, like the relationship between a child's home and school environment.

Macrosystem

The largest and most remote set of people and places to a person that still exercises a significant influence on them, according to ecological systems theory.

Exosystem

A term in ecological systems theory referring to the social settings that indirectly influence an individual's development, such as parental workplaces.

Microsystem

In ecological systems theory, the immediate environment in which individuals interact face-to-face, such as family, school, and peer groups.