The Socially Optimal Level of Output of Any Good Is

question 4

Multiple Choice

The socially optimal level of output of any good is the quantity where all marginal costs of production,private plus external,equal the

• A)marginal cost of production.
• B)marginal benefit to society.
• C)average benefit to society.
• D)total benefit to society.
• E)marginal benefit to the firm.

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Definitions:

Tort

A civil wrong or injury, other than breach of contract, for which the court will provide a remedy in the form of an action for damages.

Battery

In legal terms, it is the act of physical assault or unlawful touching of another person without their consent.

Negligence

The failure to take reasonable care to avoid causing injury or loss to another person, resulting in legal liability for resulting damages.

Do-Not-Resuscitate Order

A legal order written by a doctor which instructs health care providers not to perform CPR if a patient's breathing stops or if the patient's heart stops beating.