For Markets to Operate Efficiently, It Is Necessary That Private

question 59

Multiple Choice

For markets to operate efficiently, it is necessary that private marginal cost:

• A) be equal to output quantity.
• B) equal the cost of output.
• C) plus external cost be equal to output price.
• D) minus external cost be equal to output price.

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Definitions:

Stepparent

A person who is married to a child’s biological parent and assumes a parenting role but is not the child's biological mother or father.

Stepchildren

A spouse's kids from a prior union.

Stepfamilies

Families formed when one or both partners in a marriage have children from a previous relationship.

First Marriage

The initial marriage ceremony or union entered into by an individual.