When externalities are present in the market, what results?
a) The established equilibrium maximizes the total benefit to society as a whole.
b) Market participants lose some market benefits to bystanders.
c) Both equity and efficiency are maximized.
d) The market fails to allocate resources efficiently.
Ans: d) The market fails to allocate resources efficiently.
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A sole proprietorship is limited to how many owners?
A) 1 B) 2 C) 10 D) There is no limit to the number of owners.
A positive (non-zero) price for a good means there is a surplus of that good
a. True b. False Indicate whether the statement is true or false
The narrow definition of money (MI) in the Irish economy is:
(a) Coins, notes and current accounts. (b) Coins, notes, deposit accounts and current accounts. (c) Coins, notes and all deposit accounts. (d) Notes and coins issued by the Irish Central Bank.
The income consumption curve
A. is always a straight line. B. is the same as the Engle curve. C. always goes through the origin. D. has income on the vertical axis.