What is an externality?
a) the impact of society's decisions on the well-being of society
b) the impact of a person's actions on that person's well-being
c) the impact of a person's actions on the well-being of a bystander
d) the impact of society's decisions on the well-being of one person in that society
Answer: c) the impact of a person's actions on the well-being of a bystander
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If the good in the table above is a public good and Pat and all are the only members of society, then the efficient quantity to produce is
A) 2 units. B) 3 units. C) 4 units. D) 5 units.
How does a firm in a competitive market decide what level of output to produce in order to maximize its profit?
What will be an ideal response?
Refer to Table 11-7. What is the variable cost of production when the firm produces 115 lanterns?
A) $1,556 B) $1,157 C) $956 D) $10.05
Since being originally set in 1913, bank reserve requirements have
A) not been changed. B) been changed only once. C) been changed on numerous occasions. D) been changed on a daily basis.