External Costs Are

question 63

Multiple Choice

External costs are

• A) negative externalities and are subtracted from marginal private costs to find marginal social costs.
• B) negative externalities and are added to marginal private costs to find marginal social costs.
• C) positive externalities and are added to marginal private costs to find marginal social costs.
• D) positive externalities and are subtracted from marginal private costs to find marginal social costs.

Identify different market structures, including the dominant firm model and the kinked demand curve model.

Calculate profit maximizing price and output levels under various cost and demand scenarios.

Analyze the assumptions and implications of the kinked demand curve model.

Understand the effects of supply changes on market prices and cartel shares.

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Definitions:

Proximodistal

A pattern of growth and development in children where development proceeds from the body's central axis outward to the extremities.

Birth Length

Refers to the measurement of a newborn's length from head to toe at the time of birth.

Moral Reasoning

The process by which individuals make decisions about what is right and wrong, based on personal, societal, or ethical beliefs.

Preschooler

A child who is in the age group that typically attends preschool, generally between the ages of 3 to 5 years, before commencing formal school education.