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4. The social costs of production are equivalent to:

a. the private external costs of production.

b. the private costs of production plus the additional external costs of production.

c. the marginal private costs of production. 

d. none of the above.

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Raushan Raj
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28 Oct 2020

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Related questions

14. When a student makes a decision about whether to go for college education or not, the student considers only the

a. private marginal benefits and private marginal costs.

b. social marginal benefits and social marginal costs.

c. marginal external benefits and marginal external costs.

d. private marginal benefits and social marginal costs.

9. In the case of pollution(a negative externality), at the market output, 

a. social benefits of consumers exceed the social costs of production.

b. private costs of production exceed the private benefits to consumers.

c. private costs of production exceed the social benefits to consumers.

d. social costs of production exceed social benefits to consumers.

External costs occur because
a. Private costs do not reflect the full costs to society.
b. Government failure increases costs for the firm.
c. All costs are absorbed by the firm.
d. Firms make a choice other than the most cost-efficient production method.

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