When an activity results in the imposition of external costs, markets will produce more than the socially optimal level of that activity

When a person has a comparative advantage in producing a good or service, the person has

A) a higher opportunity cost in producing that product than someone else. B) a constant opportunity cost in producing that product. C) a decreasing opportunity cost in producing that product. D) a lower opportunity cost in producing that product than someone else. E) an increasing marginal benefit in producing the good.

Under a laissez-faire system,

a. government organizes production and distribution of goods. b. a small bureaucracy of central planners tells firms what to produce and how to produce it. c. costs of production and consumers' demands determine the output mix. d. firms try to produce the goods that they think are good for consumers.