When the Social Cost of Production Is Greater Than the Private

question 177

Multiple Choice

When the social cost of production is greater than the private cost, we have a

• A)positive externality
• B)negative externality
• C)public good
• D)private good
• E)positive spillover

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Definitions:

Revising

The act of modifying or altering texts to improve accuracy, coherence, and congruence with the intended message.

Planning

The process of creating strategies and outlining steps to achieve specific goals.

Planning Stage

The phase in a project or process where goals are set, strategies are developed, and tasks are outlined to achieve objectives.

Determining Goals

The process of identifying and setting specific, measurable, achievable, relevant, and time-bound objectives.