What is the difference between private and social costs?
Social costs are those that accrue to the total population; private costs refer to those costs incurred only by the producer or consumer of the good or service.
You might also like to view...
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
Which of the following is true for a competitive buyer?
A) AE = ME B) AE > ME C) AE < ME D) AE greater than or equal to ME
Refer to the graph shown. In equilibrium, total surplus is equal to:
A. 1,200. B. 1,400. C. 600. D. 2,000.
The table below shows the number of umbrellas and bushels of corn produced in the United Kingdom and the rest of the world per labor hour. If the United Kingdom and the rest of the world begin to trade with each other, the international price of corn will lie between ________ and ProductivityIn the United KingdomIn the Rest of the WorldUmbrellas per labor hour0.251.00Bushels of corn per labor hour0.500.67
A. 2/3 of an umbrella per bushel of corn; 3/2 umbrellas per bushel of corn. B. 1/2 of an umbrella per bushel of corn; 3/2 umbrellas per bushel of corn. C. 2/3 of an umbrella per bushel of corn; three umbrellas per bushel of corn. D. 3/2 umbrellas per bushel of corn; three umbrellas per bushel of corn.