Use the Following to Answer Question(s): Model of a Competitive

question 14

Multiple Choice

Use the following to answer question(s) : Model of a Competitive Market

-(Exhibit: Model of a Competitive Market) If there are external costs:

• A) resources will be underallocated to the production of the good.
• B) resources will be overallocated to the production of the good.
• C) resources will be allocated efficiently to the production of the good.
• D) the price at P will be higher than if there were no external costs.

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Definitions:

Dispositional Explanation

An attribution that attributes someone's behavior to their inherent qualities, characteristics, or personality, rather than external situations.

Consensus

General agreement or collective opinion among a group of people, particularly in decision-making processes.

Consistency

Consistency refers to the quality of always behaving or performing in a similar way, maintaining a uniform approach in actions, principles, expectations, or outputs.

Distinctiveness

The characteristic of being easily distinguishable from others due to unique qualities.