On the Fourth of July, There Is No Fireworks Display

question 448

Multiple Choice

On the Fourth of July, there is no fireworks display in the small town of Yankeeville, even though it would be efficient for such a display to be produced. Which of the following statements is correct?

• A)The lack of a fireworks display in Yankeeville arises because of an externality.
• B)The lack of a fireworks display in Yankeeville is a case of market failure.
• C)In deciding not to produce a fireworks display in Yankeeville, private individuals and private firms made decisions that were privately rational but socially inefficient.
• D)All of the above are correct.

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Definitions:

Format Cells Dialog

A feature in spreadsheet software that allows users to change the appearance of cells, including their borders, colors, and number formatting.

Column Width

The horizontal measurement of a column in a table or spreadsheet, affecting how much content can be displayed within it.

Page Layout View

A view that displays how a document will appear when printed.

Comma Style Button

A feature in spreadsheet software that applies a specific number format with a comma as the thousand separator.