Age Is a Factor That Can Change and Varies from Person

question 112

Multiple Choice

Age is a factor that can change and varies from person to person. Age is an example of a__________ .

• A) variable
• B) theory
• C) hypothesis
• D) principle

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Definitions:

MSC

The marginal social cost of producing one additional unit of a good or service, which includes both the private cost and any external costs to society.

MC

Marginal cost; the cost incurred by producing one additional unit of a product.

External Cost

Costs that are not borne by the parties involved in an economic transaction but are suffered by other members of society.

Free-Rider Problem

A situation where individuals consume more than their fair share of a public resource, or shoulder less than a fair share of the costs of its production, without contributing to the resource's provision.