Which of the following is NOT true about the social marginal cost curve? O It represents the pollution costs to society O It represents the producers' marginal cost & cost to society O It is parallel to the supply curve O It converges to the supply curve

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A: “Private cost is the actual cost incurred during an economic activity, such as production.”…

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A: Externality refers to cost or benefit which occurs from production and falls on the third party who…

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A: The given information:

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A:

Q: Explain what is meant by market failure and   outline the sources of market failure.

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A: Market failure refers to the condition where the free markets fail to distribute resources…

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A:

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A: Answer (4):  The demand curve shows the private marginal benefit curve. If there is an external…

Q: Consider the market for accidental life insurance where firms are perfectly competitive (earn zero…

A: Answer- "Thank you for submitting the question.But, we are authorized to solve 3 sub parts only.For,…

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A: The competitive market is said to be in equilibrium at a point where the demand curve of goods is…

Q: A global-positioning anti-theft device installed by one car owner can produce a positive spillover…

A: Spillover refers to an economic benefit, cost, event, or an effect that occurs from another economic…

Q: own experiences to describe when you were part of a transaction that resulted in a positive…

A: Externality refers to the activity done by an individual that may result in cause to society but not…

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Q: Questions 12 & 13 relate to the following graph: $ P3 ď P₂ P₁ 12 The graph best represents: 13 Ở Qo…

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A: Answer to the question is as follows:

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A: Total economic well-being signifies the amount of surplus attained by the society from a market…

Q: Define social cost.

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A: Since you have asked multiple question, we will solve the first question for you. If you want any…

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A: Given;

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.