Question: Question 2 (1 point) Saved Why does a deadweight loss occur when there is an external cost associated with the production of a product? Not

Question 2 (1 point) Saved Why does a deadweight loss occur when there is an external cost associated with the production of a product? Not enough output is produced. Too much output is produced. Prices that firms charge for the product are too high. There are not enough resources allocated to producing the good. The marginal social cost does not equal zero. Question 3 (1 point) Wage rate (dollars per hour) 12 . 10 8 6 No X 4 2 D 0 20 40 60 80 100 120 140 Quantity (thousands of workers) The figure above shows the labor market in a region. If a minimum wage of $8 an hour is imposed, then there are unemployed workers. zero 60,000 80.000 40,000 20,000 Question 4 (1 point) Which type of method allocates hamburgers at McDonalds to individuals in society? contest lottery personal characteristics market price sharing equally Question 5 (1 point) A example of a good with external benefits is a can of Coke. a treadmill. an imported sweater. a dose of flu vaccine. a hamburger

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