To find the social cost of an action, add together
A. the external costs and the internal costs.
B. the external and accounting costs.
C. the internal costs and the private opportunity costs.
D. the private costs and the internal costs.
Answer: A
Economics
You might also like to view...
Which of the following is a common mistake consumers commit when they make decisions?
A) They take into account nonmonetary opportunity costs but ignore monetary costs. B) They are overly pessimistic about their future behavior. C) They fail to ignore sunk costs. D) They sometimes value fairness too much.
Economics
At the optimal production point, the firm in Figure 7.3 will:
A. make a zero economic profit. B. suffer a loss. C. make a positive economic profit. D. break even.
Economics