Private property rights 0 are rights to ownership but are not vital for well-functioning markets. 0 are rights to ownership and are vital for well-functioning markets. 0 make voluntary trade impossible. 0 require all citizens to own property. Question 7 (1 point) I: A negative externality occurs when 0 there are no additional costs imposed on a third party. 0 costs are imposed on a third party. 0 all costs are incurred by those buying and selling the good/service. O benets are received by a third party. A good is nonrivalrous if 0 it's hard to prevent people from consuming it, even if they don't pay for it. 0 one person's consumption does not reduce the amount available for others. O one person's consumption reduces the amount available for others. 0 it's simple to prevent people from consuming it, even if they don't pay for it. Question 9 (1 point) _I: Social marginal costs equal 0 external costs minus private marginal costs. O external costs times private marginal costs. 0 external costs plus private marginal costs. 0 external costs divided by private marginal costs. Question 12 (1 point) I: The free market tends to produce 0 too much of a good associated with a positive externality. O the optimal quantity of a good associated with a negative externality. 0 not enough of a good associated with a negative externality. 0 too much of a good associated with a negative externality. Question 13 (1 point) _I: We expect the free market to produce too little of Q goods/services associated with positive externalities. O goods/services associated with negative externalities. Q a private good sold in a perfectly competitive market with no externalities. Q cigarettes