Is a Market That Generates External Benefits Considered Economically Efficient

question 17

Essay

Is a market that generates external benefits considered economically efficient? Explain why or why not.

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Definitions:

Discrete

Discrete refers to a type of data or variable that can take on a finite number of values and is countable, such as the number of students in a class.

Ratio

A quantitative relationship between two numbers showing how many times one value contains or is contained within the other.

Continuous

Describes data or functions that are unbroken and consistent over a range, typically involving an infinite number of points.

Mean

The arithmetic average of a set of values or quantities, calculated by adding them together and dividing by the number of terms in the set.