To Find the Social Cost of an Action, Add Together

question 209

Multiple Choice

To find the social cost of an action, add together

• A) the external and accounting costs.
• B) the private costs and the internal costs.
• C) the external costs and the internal costs.
• D) the internal costs and the private opportunity costs.

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Definitions:

Premises

Statements or ideas that are assumed to be true and used as the basis for an argument or reasoning.

Explanations

A process or act of making an idea, situation, or problem clear to someone by describing it in more detail or revealing relevant facts or ideas.

Deductive Arguments

A form of reasoning where the conclusion is logically derived from premises that are assumed to be true.

Inductive Arguments

Reasoning that moves from specific instances to a general conclusion, often used to infer probabilities.