When an Additional Unit of Output Is Produced, the Extra

question 17

Multiple Choice

When an additional unit of output is produced, the extra cost to society is the

• A)average total cost.
• B)marginal social cost.
• C)marginal private cost.
• D)marginal external cost.
• E)marginal damage.

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Definitions:

Demographic Trends

Patterns in the composition of a population over time, such as age, race, gender distribution, which can influence various aspects of societal behavior and policy.

Government's Budget Deficit

A situation where a government spends more than it earns in revenue over a specific period.

Federal Tax Revenues

Money collected by the government from taxes imposed on individuals and businesses that is used to fund public services and programs.

Deadweight Loss

The reduction in economic efficiency that happens when a good or service does not reach or cannot reach its equilibrium.