What Is a "Social Cost" of Production

question 101

Multiple Choice

What is a "social cost" of production?

• A)the cost of the natural resources used up in production
• B)the total costs of producing a product, both implicit and explicit costs
• C)the sum of all costs to individuals in society, regardless of whether the costs are borne by those who produce the products or consume the product
• D)the cost of the environmental damage created by production

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Definitions:

Gottman

John Gottman is a professor emeritus in psychology known for his work on marital stability and relationship analysis through scientific direct observations.

Social Comparison

The process by which individuals evaluate their own abilities, achievements, and conditions in relation to others, often to assess self-worth or social status.

Providing Information

The act of supplying facts, data, or knowledge to someone.

Vis-à-vis Others

In relation to or in comparison with others.