Ed,Mike,and Scott Are the Only Three People in a Community

question 67

Multiple Choice

Ed,Mike,and Scott are the only three people in a community and Ed is willing to pay $20 for the 5^th unit of a public good;Mike,$15;Scott,$25.The government should produce the 5th unit of the public good if the marginal cost is:

• A) less than $150.
• B) less than $100.
• C) less than $60.
• D) less than $300.

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Definitions:

Electrical Signals

Impulses used for communication within organisms, particularly in the nervous system and muscles.

Stereotypic Thoughts

Simplified and generalized beliefs about a group of people that often underlie prejudiced attitudes.

Negative Outcomes

Refers to results or consequences that are undesirable, harmful, or counter to what is intended or expected.

Self-esteem

An individual's subjective evaluation or perception of their own worth, value, or competence.