To Find Social Costs

question 208

Multiple Choice

To find social costs,

• A) internal and private costs have to be added together.
• B) internal and external costs have to be added together.
• C) internal and implicit costs have to be added together.
• D) internal and production costs have to be added together.

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Definitions:

Empathy

The ability to understand and share the feelings of another from their perspective; often described as putting oneself in another's shoes.

Golden Rule

A moral principle that suggests treating others as one would wish to be treated, promoting empathy and fairness.

Ethical Customer Service

The practice of treating customers with fairness, honesty, and respect, adhering to moral principles during service interactions.

Customer Needs

The requirements or desires that consumers expect to be fulfilled by a product or service.