Which of the following statements best defines private costs?
A) They are internal in the sense that the buyer or seller must explicitly take them into account.
B) They are costs borne by people other than those who commit the action.
C) They are synonymous with social costs.
D) They represent explicit costs incurred by producers in the private sector.
Correct Answer:
Verified
Q9: Social costs are
A) costs borne by society
Q10: Where pollution is concerned, if an automobile
Q11: Private costs are the same as
A) implicit
Q12: Internal costs are
A) costs borne solely by
Q13: A social cost that is NOT fully
Q15: Costs that are borne solely by the
Q16: To find the social cost of an
Q17: Noise from a hard rock concert is
Q18: When social and private costs differ, economists
Q19: The total social cost of production is
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