Private Markets Fail to Reach a Socially Optimal Equilibrium When

question 311

Multiple Choice

Private markets fail to reach a socially optimal equilibrium when negative externalities are present because

• A)social costs equal private costs at the private market solution.
• B)private costs exceed social costs at the private market solution.
• C)social costs exceed private costs at the private market solution.
• D)they internalize externalities.

Recognize the factors that influence attention and make stimuli attention-getting.

Understand the concept of infantile amnesia and its implications for memory.

Understand the differences between information processing approaches and Piaget's approach to cognitive development.

Conceptualize short-term memory in contemporary cognitive theories.

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Definitions:

Federal Insecticide, Fungicide, and Rodenticide Act

A United States federal law passed in 1947 that provides federal control of pesticide distribution, sale, and use.

Clean Water Act

A U.S. federal law aimed at regulating the discharge of pollutants into the nation's surface waters, including lakes, rivers, streams, and coastal areas.

Federal Government

The national government of a federation, which holds the authority to govern the entire country, distinct from state or local governments within the federation.

State Government

The governing body of a state in a federal system, responsible for local legislation, administration, and execution of state laws.