Chapter 4 ECON
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Which of the following correctly describes the external benefit resulting from an individual's purchase of a winter flu shot?
The flu shot reduces the likelihood others will catch the flu
Suppose a price floor is set by the government above the market equilibrium price. Which of the following will result?
There will be a surplus.
A legally mandated minimum wage is an example of
a price floor.
The positive externality associated with education is
increases in societal well-being and economic growth.
An externality is
unintended benefits or costs imposed on third parties as a result of economic activity.
