45 refer to exhibit 31 1 if the exhibit represents a

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____45.Refer to Exhibit 31-1. If the exhibit represents a negative externality situation, then what is Q1?a.It is the quantity of output at which marginal social costs (MSC) equal marginal privatecosts (MPC).b.It is the quantity of output at which MPC > MSC.c.It is the market output; it is the quantity of output that exists if the external costs associatedwith the negative externality are not taken into account.d.It is the socially optimal output; it is the quantity of output that exists if the external costsassociated with the negative externality are taken into account.e.none of the above
____46.Refer to Exhibit 31-l. If the exhibit represents a negative externality situation, the benefit of expanding outputfrom Q2to Q1is the area of
____47.Refer to Exhibit 31-1. If the exhibit represents a negative externality situation, the social cost of expandingoutput from Q2to Q1is the area of
c.Q2BAQ1.d.Q2EAQ1.____48.Refer to Exhibit 31-1. If the exhibit represents a negative externality situation, the net social cost ofexpanding output from Q2to Q1is the area of
____49.If private property rights were established in the oceans, there would probably bea.more ocean pollution.b.less ocean pollution.c.the same amount of ocean pollution that exists without private property rights in the ocean.d.more ocean voyages on cruise ships.
____50.In the early West, many of the open lands were overgrazed. This was largely because
New Micro Practice FinalAnswer SectionMULTIPLE CHOICEPTS:1DIF:EasyNAT:Analytic
LOC: Monopoly2.ANS: APTS:1DIF:ModerateNAT:AnalyticLOC:Monopolistic competition3.ANS: DPTS:1DIF:DifficultNAT:AnalyticLOC:Labor markets4.ANS: CPTS:1DIF:ModerateNAT:AnalyticLOC:Labor markets5.ANS: EPTS:1DIF:ModerateNAT:AnalyticLOC:Markets, market failure, and externalities6.ANS: BPTS:1DIF:ModerateNAT:AnalyticLOC:Markets, market failure, and externalities7.ANS: APTS:1DIF:ModerateNAT:AnalyticLOC: Monopoly8.ANS: CPTS:1DIF:ModerateNAT:AnalyticLOC: Oligopoly9.ANS: APTS:1DIF:EasyNAT:AnalyticLOC:Monopolistic competition10.ANS: APTS:1DIF:ModerateNAT:AnalyticLOC:Markets, market failure, and externalities11.ANS: CPTS:1DIF:ModerateNAT:AnalyticLOC: Monopoly12.ANS: CPTS:1DIF:EasyNAT:AnalyticLOC:Monopolistic competition13.ANS: DPTS:1DIF:EasyNAT:AnalyticLOC: Elasticity14.ANS: EPTS:1DIF:EasyNAT:AnalyticLOC: Elasticity15.ANS: CPTS:1DIF:ModerateNAT:AnalyticLOC:Supply and demand16.ANS: BPTS:1DIF:ModerateNAT:AnalyticLOC:Utility and consumer choice17.ANS: BPTS:1DIF:ModerateNAT:AnalyticLOC: Monopoly18.ANS: BPTS:1DIF:ModerateNAT:AnalyticLOC:Scarcity, tradeoffs, and opportunity cost19.ANS: DPTS:1DIF:EasyNAT:AnalyticLOC:Scarcity, tradeoffs, and opportunity costMSC:Economics 24/720.ANS: DPTS:1DIF:ModerateNAT:AnalyticLOC:Marginal costs & benefits21.ANS: BPTS:1DIF:ModerateNAT:AnalyticLOC:Scarcity, tradeoffs, and opportunity cost22.ANS: APTS:1DIF:ModerateNAT:Analytic
LOC:Supply and demand23.ANS: BPTS:1DIF:ModerateNAT:AnalyticLOC:Supply and demand24.ANS: BPTS:1DIF:ModerateNAT:AnalyticLOC:Supply and demandNOT: New25.ANS: CPTS:1DIF:ModerateNAT:AnalyticLOC: Equilibrium26.ANS: EPTS:1DIF:EasyNAT:AnalyticLOC:Supply and demand27.ANS: BPTS:1DIF:EasyNAT:AnalyticLOC: Elasticity28.ANS: CPTS:1DIF:ModerateNAT:AnalyticLOC:Utility and consumer choice29.ANS: APTS:1DIF:EasyNAT:AnalyticLOC:Perfect competition30.ANS: CPTS:1DIF:ModerateNAT:AnalyticLOC:Perfect competition31.ANS: DPTS:1DIF:ModerateNAT:AnalyticLOC: Monopoly32.ANS: DPTS:1DIF:ModerateNAT:AnalyticLOC:Monopolistic competition33.ANS: BPTS:1DIF:ModerateNAT:AnalyticLOC:Monopolistic competition34.ANS: BPTS:1DIF:ModerateNAT:AnalyticLOC: Oligopoly35.ANS: APTS:1DIF:EasyNAT:AnalyticLOC:Labor markets36.ANS: DPTS:1DIF:ModerateNAT:AnalyticLOC:Labor markets37.ANS: CPTS:1DIF:ModerateNAT:AnalyticLOC:Markets, market failure, and externalities38.ANS: APTS:1DIF:ModerateNAT:AnalyticLOC: Elasticity39.ANS: CPTS:1DIF:ModerateNAT:AnalyticLOC: Elasticity40.ANS: APTS:1DIF:EasyNAT:AnalyticLOC:Monopolistic competition41.ANS: EPTS:1DIF:ModerateNAT:AnalyticLOC:Monopolistic competition42.ANS: BPTS:1DIF:EasyNAT:AnalyticLOC:Markets, market failure, and externalities43.ANS: APTS:1DIF:ModerateNAT:AnalyticLOC:Markets, market failure, and externalities44.ANS: APTS:1DIF:ModerateNAT:AnalyticLOC:Markets, market failure, and externalities45.ANS: CPTS:1DIF:ModerateNAT:AnalyticLOC:Markets, market failure, and externalities46.ANS: CPTS:1DIF:DifficultNAT:AnalyticLOC:Markets, market failure, and externalities
47.ANS: BPTS:1DIF:DifficultNAT:AnalyticLOC:Markets, market failure, and externalities48.ANS: APTS:1DIF:ModerateNAT:AnalyticLOC:Markets, market failure, and externalities49.ANS: BPTS:1DIF:EasyNAT:AnalyticLOC:Markets, market failure, and externalities50.ANS: BPTS:1DIF:ModerateNAT:AnalyticLOC:Markets, market failure, and externalities
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