To Maximize the Net Social Benefit Received from a Good

question 45

True/False

To maximize the net social benefit received from a good or service, it should be produced up to the point where its marginal social benefit is equal to its marginal social cost.

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Definitions:

Socially Approved

Regarded or accepted by society as being correct, appropriate, or beneficial.

Selfish Manner

Acting with concern for one's own welfare or advantage at the expense of or without regard for others.

Agreeing

The act of sharing the same opinion or position as someone else.

Anecdotal Evidence

Evidence based on personal accounts, observations, or stories, rather than on systematic scientific evaluations.