Social costs are
A. borne by individuals who incur them.
B. borne by no one in society.
C. the full cost borne by society whenever a resource use occurs.
D. costs that are borne by the government.
Answer: C
You might also like to view...
If all of the returns to a resource are in the form of economic rent,
a. the demand curve for that resource must be horizontal b. the demand curve for that resource must be vertical c. the supply curve of that resource must be horizontal d. the supply curve of that resource must be vertical e. the demand curve for that resource must be perfectly elastic
The cumulative total of the federal government's budget deficits has been greater than the total of its surpluses
a. True b. False
Suppose that the demand for medical services can be characterized by the equation X = 500 - P/3. Suppose further that the supply of health services can be characterized by the equation X = P - 100.
(a) What is the equilibrium quantity and price in the market for health services? (b) In an effort to make health services more affordable, the government restricts the price of health services to be no greater than $250. What will happen to the quantity of health services in the market?
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point E to Point A, the opportunity cost of hybrid cars, measured in terms of motorcycles
A. increases. B. initially increases, then decreases. C. decreases. D. remains constant.