Refer to Figure 4-1. If the market price is $4.00, what is the maximum number of ice cream cones that Kendra will buy?

Economic costs of an input include

A) only implicit costs. B) only explicit costs. C) both implicit and explicit costs. D) whatever management wishes to report to the shareholders.

An externality is a situation in which

A) private costs diverge from social costs. B) internal costs diverge from private costs. C) there are no social costs. D) the cost borne by the consumer is greater than the monetary price.