Failure

The free market outcome is determined by the intersection of _____ and ____, resulting in quantity ____ and price ____. The social optimum outcome is given by the intersection of ____ with ____, which determines quantity _____ and price ____.

• MPB; MSB; Qm; Popt; MPC; MSC; Qopt; Popt

• MPC; Popt; Qm; Pm; MSC; MSQ; Oopt, Pm

• MPB; MPC; Qm; Pm; MSB; MSC; Qopt; Popt

• MSB, MSC; Qm; Pm; MPB; MPC; Qopt; Popt

When there is a _______ production externality, the free market _________ resources to the production of the good and too ______ of it is produced relative to the social optimum. This is shown by _______and _______ at the point of production, Qm, *

• negative; misallocate; little; Qm > Qopt; MSC < MSB

• positive; underallocate; much; Qm > Qopt; MSB > MSC

• negative; overallocate; much; Qm > Qopt; MSC > MSB

• positive; misallocate; much; Qm > Qopt; MSC > MSB

What is one effect of failure mentioned in the document?

• Increases motivation

• Lowers self-confidence

• Improves memory

• Enhances creativity

What future action does failure make harder, as per the document?

• Take risks

• Plan vacations

• Buy a house

• Learn a new language

What is a common emotional response to failure in social contexts?

• A) Happiness

• B) Frustration

• C) Indifference

• D) Excitement

Which of the following is a potential positive outcome of experiencing failure?

• A) Increased fear

• B) Enhanced resilience

• C) Decreased motivation

• D) Reduced creativity

How can failure impact one's social relationships?

• A) Strengthen bonds

• B) Cause isolation

• C) Improve communication

• D) Increase popularity

What is a common societal perception of failure?

• A) A stepping stone to success

• B) An end to opportunities

• C) A sign of weakness

• D) A reason for celebration

Which historical figure is often cited as an example of learning from failure?

• A) Albert Einstein

• B) Thomas Edison

• C) Isaac Newton

• D) Marie Curie

What role does failure play in the process of innovation?

• A) It hinders progress

• B) It is a necessary part

• C) It is irrelevant

• D) It guarantees success