If There Are External Costs of Production and Perfectly Competitive

question 111

Multiple Choice

If there are external costs of production and perfectly competitive firms do not account for these costs, at the equilibrium level of output

• A) P = MC = MSC.
• B) P = MC and P < MSC.
• C) P = MC and P > MSC.
• D) P > MC and P = MSC.

Understand the role and characteristics of microfinance loans and their impact on gender.

Define social overhead capital and differentiate between types of capital.

Recognize the role of government in building infrastructure and managing economic policies for development.

Assess the effectiveness of export promotion policies and industrial policies in economic development.

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Definitions:

Social Psychology

A field of study focused on understanding how the presence of others, whether concrete, imaginary, or inferred, steers individuals' cognitive, emotional, and behavioral responses.

Running Amok

According to Malaysian culture, refers to behavior of a young man who becomes “uncontrollably” violent after receiving a blow to his ego.

Habitually Aggressive

Tending to display aggressive behaviors or responses as a regular pattern of behavior.

Fried Foods

Fried foods are food items that are cooked by being submerged in hot oil, which gives them a crispy exterior and rich flavor but can increase caloric content.