The marginal cost of production that is borne by the entire society is called the marginal
A) private cost.
B) social cost.
C) external cost.
D) public cost.
E) user cost.
B
You might also like to view...
The components of a well-run incentive compensation scheme include all of the following EXCEPT
a. performing random acts of kindness to employees b. avoiding rewards for outcomes that are not included in the performance measures c. rewarding workers who for meet performance measures d. identifying the relevant measures on which to evaluate employees
Where monopsony exists, ____ workers will be hired at ____ wages than if perfect competition prevailed in a labor market
a. fewer; lower b. fewer; higher c. more; lower d. more: higher
The law of diminishing marginal utility states that as more and more units of a good or service are consumed, total utility becomes smaller and smaller
Indicate whether the statement is true or false
In a competitive market, the market demand is Qd = 70 - 3P and the market supply is Qs = 6P. A price ceiling of $4 will result in a
A. surplus of 34 units. B. surplus of 58 units. C. shortage of 34 units. D. shortage of 24 units.