A Private Cost of Production Is a Cost That Is

question 113

Multiple Choice

A private cost of production is a cost that is borne by the ________ of a good or service. A social cost of production is a cost that is ________.

• A)consumer;borne by the producer and by everyone else on whom the cost falls
• B)consumer;not borne by the producer but borne by other people
• C)producer;not borne by the producer but borne by other people
• D)producer;borne by the producer and by everyone else on whom the cost falls
• E)producer;borne by the consumer

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Definitions:

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale, leading to an increase in interconnectedness and interdependence among the world's markets and businesses.

Local Differences

Variations in cultural, social, economic, and environmental characteristics that are unique to specific geographic areas or communities.

McDonaldization

The process by which principles of the fast-food industry, such as efficiency, calculability, predictability, and control, are becoming dominant in other sectors of society.

Globalization

The process of interaction and integration among people, companies, and governments worldwide, often leading to increased connectivity and interdependence of the world's markets and businesses.