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Author Question: In the above figure, if no government intervention occurs, at the unregulated competitive market ... (Read 195 times)

jwb375

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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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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.




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