External Costs Are the Difference Between

question 11

Multiple Choice

External costs are the difference between

• A)Social costs and private costs.
• B)Benefits and costs.
• C)Average and marginal costs.
• D)Marginal social benefits and marginal social costs.

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Definitions:

Sound Reason

A basis for argument or decision that is valid and grounded in logic or fact.

Creative Spirit

The innate or developed ability to create, innovate, or conceive artistic or novel ideas, projects, or solutions.

Willingness to Take Risks

The propensity of an individual to engage in behaviors or actions that have the potential for negative outcomes in pursuit of a desired result.

Defer to Others

The act of yielding or submitting to the judgment, opinion, or decision of another person.