If the Social Benefit Is Greater Than the Private Benefit

question 70

Multiple Choice

If the social benefit is greater than the private benefit in a particular market,then the socially optimal equilibrium will be at a quantity:

• A) greater than the private level.
• B) equal to the private level.
• C) less than the private level.
• D) greater than or less than the private level, depending on the size of the external costs.

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Definitions:

Final Authority

The ultimate power or jurisdiction to make decisions, often within an organization or governmental body.

Labor Federation

An organization or coalition of trade unions or labor unions that represent workers' interests at a regional, national, or international level.

Freedoms

The state of being free or at liberty rather than in confinement or under physical restraint; rights and privileges that allow individuals to act without undue restrictions.

Scope of Representation

The range of activities and issues that a union or attorney can address on behalf of members or clients.