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When negative externalities like pollution exist, competition leads to:

a. too few goods being bought and sold.

b. a socially efficient outcome.

c. more production than would be efficient.

d. a market equilibrium price that is too high.

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Divya Singh
Divya SinghLv10
23 Oct 2020

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Related questions

The difference between a corrective tax and a tradable pollution permit is that:

A. A corrective tax sets the price of pollution and a permit sets the quantity of pollution

B. A corrective tax creates a more efficient outcome than a permit

C. A corrective tax sets the quantity of pollution and a permit sets the price of pollution

D. A permit creates a more efficient outcome than a corrective tax

A competitive, unregulated market would:

a. Produce too much pollution because pollution is an external cost.

b. Produce too little education because education has an external benefit.

c. Fail to achieve equilibrium if there are externalities present.

d. Both answers A and B are correct.

e. Both answers B and C are correct.

1. A monopolist produces

a. More than the socially efficient quantity of output but at a higher price than in a competitive market.

b. Less than the socially efficient quantity of output but at a higher price than in a competitive market.

c. The socially efficient quantity of output but at a higher price than in a competitive market.

d. Possibly more or possibly less than the socially efficient quantity of output, but definitely at a higher price than in a competitive market.

 

2. A perfectly competitive market

a. It May not be in the best interests of society, whereas a monopoly market promotes general economic well-being

b. Promotes general economic well-being, whereas a monopoly market may not be in the best interests of society.

c. And a monopoly market are equally likely to promote general economic well-being.

d. Is less likely to promote general economic well-being than a monopoly market.

 

3. Deadweight loss

a. Measures monopoly inefficiency.

b. Exceeds monopoly profits.

c. Equals monopoly profits.

d. Equals monopoly revenues minus profits.

 

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