-(Exhibit: Correcting for Market Failure: External Cost) Assume that there is an external cost involved, as illustrated in the exhibit. If the government sector forces the private sector firms to face the external cost, the supply curve _______ from _______ to ________ .
Definitions:
Direct Materials Used
The quantity and cost of raw materials consumed in the production of finished goods.
Manufacturing Overhead
All indirect costs associated with the manufacturing process, including but not limited to utilities, rent, and salaries of support staff.
Total Manufacturing Costs
The aggregate cost of direct material, direct labor, and manufacturing overhead incurred in the production process.
Product Cost
The total amount of costs associated with creating a product, including raw materials, labor, and overhead expenses.
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