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Author Question: In the spring, I enjoy the fragrance coming from my neighbors' flowers. The fragrance is is an ... (Read 25 times)

kellyjaisingh

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on: Jun 29, 2018
In the spring, I enjoy the fragrance coming from my neighbors' flowers. The fragrance is is an example of
 
  A) a negative externality.
  B) a private good.
  C) the need for antitrust legislation.
  D) a free rider problem.

Question 2

Explain what is meant by economic efficiency. Does efficiency imply that the fastest production processes or the most powerful equipment must always be used? Explain.
 
  What will be an ideal response?


phuda

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

Efficiency involves a situation in which a given output is produced at lowest cost. Consequently, the fastest-operating or most powerful equipment may not always be efficient.


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