Figure 151 Figure 15

question 69

Multiple Choice

Figure 15.1 Figure 15.1 shows a market with an externality.The current market equilibrium output of Q₁ is not the economically efficient output.The economically efficient output is Q₂.
-Refer to Figure 15.1.If, because of an externality, the economically efficient output is Q₂ and not the current equilibrium output of Q₁, what does S₁ represent?

• A)The market supply curve reflecting external cost
• B)The market supply curve reflecting implicit cost
• C)The market supply curve reflecting social cost
• D)The market supply curve reflecting private cost

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Definitions:

Restorative Justice

A criminal justice approach focusing on the rehabilitation of offenders through reconciliation with victims and the community at large.

Restorative Detention

A correctional approach focusing on rehabilitating and reintegrating offenders through reconciliatory practices with victims and the community.

Rehabilitative Detention

A correctional approach focusing on rehabilitating offenders through education, therapy, and training to reintegrate them into society as law-abiding citizens.

Restorative Prison

A concept in criminal justice focusing on rehabilitating offenders through reconciliation with victims and the community at large.