This topic contains a solution. Click here to go to the answer

Author Question: In the above figure, if no government intervention occurs, at the unregulated competitive market ... (Read 201 times)

jwb375

  • Hero Member
  • *****
  • Posts: 540
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?



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

apple

  • Sr. Member
  • ****
  • Posts: 352
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.




apple

  • Sr. Member
  • ****
  • Posts: 352

 

Did you know?

More than nineteen million Americans carry the factor V gene that causes blood clots, pulmonary embolism, and heart disease.

Did you know?

The newest statin drug, rosuvastatin, has been called a superstatin because it appears to reduce LDL cholesterol to a greater degree than the other approved statin drugs.

Did you know?

About 3% of all pregnant women will give birth to twins, which is an increase in rate of nearly 60% since the early 1980s.

Did you know?

Studies show that systolic blood pressure can be significantly lowered by taking statins. In fact, the higher the patient's baseline blood pressure, the greater the effect of statins on his or her blood pressure.

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

For a complete list of videos, visit our video library