Economics 201

University of arizona

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ECONOMICS 201>Chapter 10 Externalities EXAM. Complete Solution. 100 Points.
  • ECONOMICS 201>Chapter 10 Externalities EXAM. Complete Solution. 100 Points.

  • Exam (elaborations) • 69 pages • 2020
  • 1. Markets sometimes fail to allocate resources efficiently. ANS: T DIF: 2 REF: 10-0 NAT: Analytic LOC: Markets, market failure, and externalities TOP: Market failure MSC: Interpretive 2. When a transaction between a buyer and seller directly affects a third party, the effect is called an externality. ANS: T DIF: 1 REF: 10-0 NAT: Analytic LOC: Markets, market failure, and externalities TOP: Externalities MSC: Definitional 3. Buyers and sellers neglect the external effects of their actions when d...
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