What is meant by scientific method?
What will be an ideal response?
The unbiased development and testing of theories about how the world works.
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The marginal social cost of producing a good or service is the
A) cost of producing an additional unit borne by the producer. B) cost of producing an additional unit borne by people other than the producer. C) sum of the marginal private cost and the marginal external cost. D) same as marginal external cost. E) sum of the marginal private cost and the marginal external cost minus the marginal social benefit.
Which of the following is true?
A) MSC = MC + Marginal external cost B) MC = Marginal external cost - MSC C) MC = Marginal external benefit + MSC D) MSC = Marginal external cost + marginal external benefit E) MSC = Marginal external cost - marginal external benefit