Which of the following represents the true economic cost of production when firms produce goods that generate negative externalities?
A) the private cost of production
B) the external cost of production
C) the social cost of production
D) the explicit cost of production
C
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A decrease in government transfer payments
A) increases aggregate demand. B) increases the aggregate quantity demanded. C) decreases the aggregate quantity demanded. D) decreases aggregate demand.
In which year were real average hourly wages the highest?
A. 1973 B. 1983 C. 1993 D. 2007
Ceteris paribus, economic growth involves an:
a) Increase in imports. b) Expansion of production possibilities. c) Increase in GDP due to inflation. d) Increase in GDP due to inflation.
If a country bans the importation of a particular good, the market equilibrium is shown by the intersection of the foreign demand curve and the domestic supply curve.
Answer the following statement true (T) or false (F)