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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Homework Chapter 12

Homework Chapter 12

Q Question 1 10 / 10 pts In a market economy, government intervention Question 2 10 / 10 pts In the absence of externalities, the "invisible hand" leads a market to maximize Correct! Question 3 10 / 10 pts The term market failure refers to Correct! Question 4 10 / 10 pts An externality is the impact of Question 5 10 / 10 pts A cost imposed on someone who is neither the consumer nor the producer is called a

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1.may improve market outcomes in the presence of externalities. 2.total benefit to society from that market. 3/.a market that fails to allocate resources efficiently. 4.one person's actions on the well-being of a bystander. 5.negative externality.