When social and private costs differ, economists state that
A) there will be economic profit in the society.
B) the society will produce inside the production possibilities frontier.
C) there is an externality.
D) there is not an efficiency problem but an equity problem.
C
Economics
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What characteristic of a competitive market has made the "long run pretty short" in the market for iPhone applications?
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Which four nations account for most of the population and economic activity in Latin America?
What will be an ideal response?
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