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Author Question: In the above figure, if no government intervention occurs, at the unregulated competitive market ... (Read 138 times)

jwb375

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on: Jun 29, 2018
In the above figure, if no government intervention occurs, at the unregulated competitive market equilibrium, there is an
 
  A) external marginal benefit of 2.
  B) external marginal cost of 2.
  C) external marginal benefit of 1.
  D) external marginal cost of 3.

Question 2

Explain the economic concept of opportunity cost.
 
  What will be an ideal response?


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apple

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

A

Answer to Question 2

The opportunity cost of something is the best alternative that we give up when we make a choice or a decision.


jwb375

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Reply #2 on: Jun 29, 2018
Correct answers!


apple

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Reply #3 on: Jun 29, 2018
Great! Please up vote :D


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