Statement I

question 85

Multiple Choice

Statement I.We have market failure when our resources are not allocated efficiently.
Statement II.An oil refinery incurs both private and social (or external) costs.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

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Definitions:

Republican Party

One of the two major contemporary political parties in the United States, traditionally espousing conservative and pro-business policies.

Democratic Participation

Involves the active involvement of individuals in political processes and decision-making, which can include voting, campaigning, and engaging in public discourse.

Economic Inequality

The unequal distribution of wealth, income, or resources among individuals, communities, or countries, leading to disparities in living standards and opportunities.