Assume That Production of a Good Generates External Benefits for Others

question 204

Multiple Choice

Assume that production of a good generates external benefits for others. The equilibrium price of the good will be ____ and the equilibrium quantity ____ for efficient resource allocation.

• A)​too high; too high.
• B)​too high; too low.
• C)​too low; too high.
• D)​too low, too low.

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Definitions:

Military Culture

The set of traditions, values, standards, and behaviors that are characteristic of military organizations and the individuals within them.

Shared Responsibility

The concept that obligations or duties are distributed among multiple individuals or groups, emphasizing cooperation and collective accountability.

Hierarchy

A system or organization in which people or groups are ranked one above the other according to status or authority.

Resilience

The capacity to recover quickly from difficulties; toughness or the ability to withstand adversity.