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:

Kinship

The social bonds and relationships derived from blood relations, marriage, or adoption, which connect individuals and groups to each other in a society.

Peer Groups

Social groups consisting of individuals of similar age, background, or social status that influence personal attitudes and behavior.

Age-Based

A characteristic or policy determined by one's age, often used in contexts where age is a factor in legal rights, societal roles, or eligibility for services or programs.

Working-Class Families

Households whose members are primarily involved in manual labor or skilled trades, often characterized by lower income levels.