Statement I: External Costs Are Market Failures,but External Benefits Are

question 254

Multiple Choice

Statement I: External costs are market failures,but external benefits are not.
Statement II: The U.S.government provides the legal system under which our free enterprise economy can operate.

• 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:

Respiratory Diseases

A group of illnesses that affect the lungs and other parts of the respiratory system, such as asthma, bronchitis, and emphysema.

Acetaminophen

A commonly used over-the-counter medication for pain relief and fever reduction.

Dehydrogenase

An enzyme that catalyzes the removal of hydrogen from a substrate, playing crucial roles in cellular respiration and metabolism.

Nicotine

A stimulant drug found in tobacco that increases dopamine levels, leading to addictive properties.