The sum of internal and external costs is

A) externalities.
B) social costs.
C) internalities.
D) private costs.


B

Economics

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What is the difference between average total cost and marginal cost and are they ever equal to each other?

What will be an ideal response?

Economics

David is willing to pay $30 for a watch which sells at a market price of $20 . The consumer surplus received by David if he buys the watch is $10

a. True b. False Indicate whether the statement is true or false

Economics

When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. In this range of prices, demand for this product is:

A. inelastic. B. elastic. C. cross-elastic. D. unitary elastic.

Economics

When there are more substitutes for a product, the ________ for the product is ________.

A. income elasticity; greater B. demand; less price elastic C. income elasticity; smaller D. demand; more price elastic

Economics