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Which of the answers below describes market failure as leading to Select one: a. Production possibilities. O b. The absence of externalities. O c. An equitable distribution of goods and services. O d. Public goods being underproduced. A combination of which components below is required to achieve the most optimal output? Select one: a. Technology and business decisions. b. Resources and products. c. Resources, government regulations, and technology. O d. Resources, technology, and social values. As it relates to being a public good, flood control belong to this category of goods because Select one: O a. The private sector usually produces flood control projects. O b. It is not divisible and therefore cannot be kept from people who do not pay. c. Flood control is paid for by taxpayers. O d. There are external benefits associated with its consumption. 30 The following is a justification for the government to subsidize college education Select one: it of a. To help the school's monopoly power over private schools. b. There are external benefits associated with education. c. It is too expensive. O d. The profit motive would cause the private sector to overproduce education