A good that has social costs that exceed private costs has a quantity that is

Externalities are unintended costs or benefits that are imposed on unsuspecting people and that result from:

a. poor planning. b. intentional damages. c. excessive costs. d. excessive losses. e. the economic activity of others.

When economists say the supply of a product has decreased, they mean that:

A. the supply curve has shifted to the left. B. the product price has decreased, and as a consequence, suppliers are producing less of the product. C. producers are now willing to sell more of this product at each possible price. D. the supply curve has shifted to the right.