31) Refer to Figure 4-10. The deadweight loss due to the externality is represented by the area
32) Refer to Figure 4-10. At the competitive market equilibrium, for the last unit produced,
A) the size of the external cost is Pm – Po.
B) the size of the external benefit is Pm – Po.
C) the size of the external cost is Pn – Po.
D) the size of the external benefit is Pn – Po.
33) An externality refers to economic events outside a market.
34) The private cost of a good or service is the cost borne by the producer.
35) A market failure arises when an entire sector of the economy (for example, the airline industry) collapses because of some unforeseen event.
36) When there is a positive externality in a free market, too much of the good is produced and
37) When there is a negative externality, the competitive output is more than the economically efficient output level.
38) What is an externality?
39) What is a private cost of production? What is a social cost of production? When is the private cost of production equal to the social cost of production?
40) How does a negative externality in production reduce economic efficiency?
41) Explain how mandatory seat belt laws may reduce the negative externalities of risky behavior.
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