When a perfectly competitive firm weighs price and marginal cost and no externalities exist, it is weighing the benefits to society of additional production against the costs to society of that production.

A. marginal; marginal
B. full; full
C. marginal; full
D. full; marginal

Answer: B

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When a perfectly competitive firm weighs price and marginal cost and no externalities exist, it is weighing the ________ benefits to society of additional production against the ________ costs to society of that production.