When the Social Cost of Production Is Greater Than the Private

question 177

Multiple Choice

When the social cost of production is greater than the private cost, we have a

• A)positive externality
• B)negative externality
• C)public good
• D)private good
• E)positive spillover

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Definitions:

Global Attribution

The belief that a specific outcome will be repeated in many situations.

Successful

Achieving the desired results or goals.

Specific Attribution

The belief that a particular outcome is limited to a specific situation.

Concept

A symbol that represents a class of objects or events with common characteristics.