The total costs of using a resource are made up of

Name: The total costs of using a resource are made up of
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Question

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The total costs of using a resource include both private costs and external costs, which are costs imposed on society as a whole. Therefore, social costs must be considered to fully capture the total costs of using a resource. Choices A, B, and D are incorrect because they do not take into account the external costs associated with resource use.

The Total Costs of Using a Resource Are Made Up