[Solved] All of the Following,except One,are Features of a Private Good

-Refer to the above graph to answer this question.If this product were taxed by an amount equal to the external costs,what would be the equilibrium values of price and quantity? A)$80 and 40. B)$100 and 30. C)$100 and 80. D)$120 and 70. E)$120 and 80.

-Refer to the above graph to answer this question.If buyers of this product were subsidized by an amount equal to the external benefits,what would be the equilibrium values of price and quantity? A)$80 and 40. B)$100 and 30. C)$100 and 80. D)$120 and 70. E)$120 and 80.

What does the doctrine of laissez-faire mean? A)That the government works best with limited market interference. B)That the market works best with limited government interference. C)That all externalities need to be connected by government action. D)That social costs are as important as price costs.

Which of the following is an example of a public good? A)A prescription drug. B)Postsecondary education. C)A lighthouse. D)An orange orchard alongside a honey farm.

What is a quasi-public good? A)A private good provided by the government. B)A public good sold privately to individuals. C)A private good provided by the market D)A public good provided by the government.

Why does the market fail to produce public goods? A)Because normally there is no demand for such goods. B)Because it is impossible for the producer to exclude non-buyers from enjoying the benefit. C)Because such products usually entail large external costs. D)Because their production normally leads to increased income inequality.

All of the following,except one,are features of a public good.Which is the exception? A)Public goods are products whose benefits are not affected by the number of users. B)Public goods could be produced by the market. C)Public goods are provided by the government. D)Public goods could not be produced by private firms at a profit.

All of the following,except one,are examples of market failures.Which is the exception? A)Competitive markets do not result in an equitable distribution of incomes and wealth. B)Competitive markets do not ensure that the economy will be stable. C)Competitive markets do not ensure that competition will continue. D)Competitive markets do not ensure that individuals get the type of jobs they would like. E)Competitive markets do not take externalities into consideration.

When does allocative efficiency occur? A)When the price of the product is equal to its short-run average cost. B)When the price of the product is equal to its long-run average cost. C)When the price of the product is equal to its marginal cost. D)When the price of the product is below its marginal cost.

Which of the following statements is correct regarding the term marginal social cost? A)It includes only the private costs of production. B)It includes only the external costs of production. C)It includes both the private and the external costs of production. D)It is the difference between external costs and private costs of production.