Scenario 10-1 The Demand Curve for Gasoline Slopes Downward and the Supply

question 234

Multiple Choice

Scenario 10-1
The demand curve for gasoline slopes downward and the supply curve for gasoline slopes upward. The production of the 1,000^th gallon of gasoline entails the following:
-a private cost of $3.10;
-a social cost of $3.55;
-a value to consumers of $3.70.
-Refer to Scenario 10-1. The production of the 1,000th gallon of gasoline entails an

• A) external cost of $0.15.
• B) external cost of $0.45.
• C) external benefit of $0.15.
• D) external benefit of $0.45.

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Definitions:

New Employment

The process of beginning work in a new position or with a new company, involving adaptation to new roles, responsibilities, and organizational culture.

Human Resources

The department within an organization that focuses on recruitment, management, and guidance for the people who work in the organization.

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The process of reducing the number of employees within an organization for economic or strategic reasons.

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The corporate action of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable or better organized for its present needs.