Private costs
A) are borne by the producers of a good or service while social costs are borne by government.
B) are borne by consumers of a good while social costs are borne by government.
C) are borne by producers of a good while social costs are borne by those who cannot afford to purchase the good.
D) are borne by producers of a good while social costs are borne by society at large.
D
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The yardstick most often used to compare living standards across nations is
a. average production cost per unit b. sales revenue per month c. utility per capita d. GDP per person e. imports per year
Output for a simple production process is given by Q = KL, where K denotes capital and L denotes labor. The price of labor is $10 per unit and the price of capital is $2 per unit.Suppose at the current level of production the firm is minimizing costs and the marginal product of labor is 10. Given this you know that the marginal product of capital must be
A. 5. B. 10. C. 2. D. It is impossible to say with the information given