The Rational Rule for Society is that society should NOT produce another unit of a good if: Select one: a. the marginal social cost exceeds the marginal social benefit. b. the marginal social benefit exceeds the marginal social cost. c. the marginal private benefit exceeds the marginal private cost. d. the total social benefit exceeds the total social cost.

Q: In the table above, the socially optimal level of production would be a. 8 units. b. 4 units. c. 5…

A: Socially optimal level of production is obtained where social marginal cost matches social marginal…

Q: In the production of Good A, there are spillover benefits accruing to the public who may or may not…

A: Spillover benefits refer to the additional benefits that are associated with the product to the…

Q: 4. The graph to the right shows supply and demand for planting trees, based on private costs and…

A: [a]   In the mentioned figure, there is a rightward shift in the supply graph indicating the social…

Q: a. Which traffic volume has a higher average trip speed? b. What is the externality cost per car at…

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Q: Refer to Figure 10-20. Without government intervention, a. there is no clear relationship between…

A: This can be defined as a cost that shows the type of cost that an individual, business, or any other…

Q: The south African government develops targets that pertain to healthcare and education. Which of the…

A: Externalities are the harmful or beneficial side effects arise out of production or consumption of…

Q: Define the principle of rival consumption. A. idea that subsidies should be given to rival companies…

A: Consumption refers to the act of deriving utility from a good or service. The level of consumption…

Q: The figure shows the marginal private cost curve, marginal social cost curve, and marginal social…

A: Market price : The market price is the current price at which a good or service can be purchased or…

Q: Soybeans are produced and sold in a perfectly competitive market. The fertilizers used in soybean…

A: Since the question you have posted has multiple parts, we will answer the first three parts for you.…

Q: Private markets will not provide the efficient quantity of a public good because Select one: O a.…

A: A private good is anything that must be purchased in order to be utilised, and one person's use…

Q: 1. What is the impact of the global-positioning anti-theft device on the following below:  a.…

A: Impact of global positioning anti -theft device would be such that it would provide a sense of…

Q: What is the difference between public goods and private goods? A. Public goods are available to the…

A: Public goods are defined as those goods which are both non-excludable and non-rivalrous. Users…

Q: 1. For each of the goods listed below, discuss whether the good is likely to entail an external cost…

A: In economics, an externality, also known as an external cost or external benefit, is an indirect…

Q: Economics The free-rider problem associated with a good refers to the _____ cost of exclusion. In…

A: Free rider problem refers to the economic problem where it is difficult to exclude an individual…

Q: 38. Negative externalities are also called a. positive externalities. b. external benefits. c.…

A: Externalities is the impact of action happening between two parties on some other third party.

Q: A positive externality causes Select one: a. the marginal social benefit to be equal to the marginal…

A: A positive externality occurs when an economic activity generates benefits for individuals or…

Q: 1, Discuss the role of the government in allocating health care costs financed by taxes revenue. 2.…

A: 1, Discuss the role of the government in allocating health care costs financed by taxes revenue.…

Q: a. An audiobook is an example of a club good because it is and in consumption. b. In some states, it…

A: The consumed products by the households, govts and sometimes firms are called goods.Goods can be…

Q: Two forms of market failures are ____ and ____.   A. public goods ; externalities   B. Pareto…

A: A) public goods and externality

Q: 10. The poverty line a. separates those on welfare from those not on welfare. b. equals three times…

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Q: Which of the following does NOT describe the characteristics of public market?  I. Opportunity cost…

A: Opportunity cost is the cost of sacrifices made in order to get other alternative.  it is the…

Q: Determine whether the good is a private good, public good, artificially scarce good, or common…

A: a. Uncongested roads with toll booths upon entry A toll road that is not congested is excludable but…

Q: Which of the following is not true for a public good?

A: Public goods are the goods with characteristics like non rival and non-excludable.

Q: 1. Identify the type of market failure, explain why it occurs and provide a solution a. An auto…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Which of the following statements about public goods is true?   Public goods are more important…

A: Goods are tangible, physical products or commodities that are produced, purchased, and sold in the…

Q: 2. Which of the following is a characteristic feature of public goods? A. We need to pay to use…

A: The goods which are non excludable and non rival are considered to be as public goods.

Q: c. Taking into account the social marginal costs (SMC), d. Taking into account the social marginal…

A: The measure that depicts the cost or benefit being caused through a producer that is in turn not…

Q: Market Failure. a. State the definition of a market failure, b. List and explain the 4 causes of…

A: Answer- a.Solution-  Market Failure -  Market Failure refers to a situation or condition when market…

Q: The tragedy of the commons occurs for goods that are: a. rival and non-excludable. b. rival and…

A: Goods allude to tangible, physical items or things that can be bought or sold. They are objects that…

Q: a.) What are some examples of important public goods? Why are they important? b.) Explain the…

A: Answer: (a). Public goods: Public goods are available to all people. These goods are non-excludable…

Q: Figure 10-12 Price Supply External benefit Line 1 Quantity Refer to Figure 10-12. Which of the…

A: Externality leads to either overproduction or underproduction . And it is spillover effect of an…

Q: In macroeconomics 1. List and explain the three ways in which there can be market failure.  2.…

A: Macroeconomics is a branch of economics that studies the behavior and performance of the economy as…

Q: a. What type of market failure would you categorize street lights that are not working?  b. Base on…

A: Market failure- Market failure is a term in the economy used to a situation where consumer demand…

Q: 85. All of the following would be government solutions to externality problems EXCEPT: a.public…

A: NOTE: Since you have asked multiple questions we will be answering only the first one, if you need…

Q: 1. What characteristic of public goods makes it very difficult for private firms to provide (or…

A: A public good refers to a product or service that cannot be excluded from consumption and is…

Q: None

A:

Q: 1. Two interesting public goods are radio and television signals. A. In the U.S., private markets…

A: The two broad categories of goods are :- (1) Public goods (2) Private goods

Q: If the market allocation is efficient, then: A.The marginal private cost equals the marginal social…

A: Externality is the negative or positive spillover by the consumer or producer which affects the…

Q: A negative externality causes Select one: a. the social cost of production to be greater than the…

A: Externality is a situation in which the action of one party causes consequences to a third party who…

Q: The tragedy of the commons occurs when: a. There are deadweight losses due to a population…

A: The tragedy of the commons occurs when:   b. Goods are undersupplied because of the free rider…

Q: Several policy options have been proposed to encourage more people to be vaccinated against the flu.…

A: Marginal social benefit refers to additional advantages for society as a result of increased use of…

Q: 38. Negative externalities are also called a. positive externalities. b. external benefits. c.…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: Which pair of goods is subject to exhaustion as defined in the theory of public goods? a. Private…

A: Public goods are resources or services that are made available to the general public without charge,…

Q: Which of these is an ideal economic situation that leads to a positive externality? a. Social costs…

A: An externality is a cost or benefit incurred or received by a producer that is not paid for by that…

Q: Match the good with it's best characterization. A. Open-access resource B. Private good C. Public…

A: Public goods are those goods which benefit all the people of society whether he is poor or rich.…