Another name for internal cost is
A) private cost.
B) social cost.
C) psychological cost.
D) marginal cost.
A
You might also like to view...
When a demand schedule is drawn as a graph,
A. price is measured on the vertical axis. B. quantity is measured on the horizontal axis. C. the resulting curve has a negative slope. D. the other variables (besides price and quantity) are held constant. E. All of these responses are correct.
To say that a price ceiling is binding is to say that the price ceiling
a. results in a shortage. b. is set below the equilibrium price. c. causes quantity demanded to exceed quantity supplied. d. All of the above are correct.
Suppose that you own a house. What is the opportunity cost of living in the house?
A. There is no opportunity cost because you own the house. B. There is no opportunity cost unless you could set up a business in the house. C. The opportunity cost is the rent you could have received from a tenant if you didn't live there. D. The opportunity cost is the cost of your monthly mortgage payment plus bills.
Refer to the graph shown. In the graph, the opportunity cost of good X in terms of good Y is:
A. always increasing as we move from A to C. B. lower along segment AB than along segment BC. C. the same on both segments. D. higher along segment AB than along segment BC.