By adding internal costs to external costs, we determine the total
A) private cost.
B) social cost.
C) psychological cost.
D) opportunity cost.
Answer: B
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The Federal Reserve uses two definitions of the money supply, M1 and M2, because
A. M2 satisfies the medium of exchange function of money, whereas M1 satisfies the store of value function B. M2 is a narrow definition focusing more on Liquidy, whereas M1 is a broader definition of the money supply C. M1 is a narrow definition focusing more on liquidy, whereas M2 is a broader definition of the money supply
Marginal revenue
a. Is the additional revenue incurred by selling one more unit b. Is the total revenue incurred by selling one more unit c. Is the total revenue incurred by selling all the firm's output d. Is the difference between total revenue and total costs