When the Cost of Producing a Product Is Paid,at Least

question 332

Multiple Choice

When the cost of producing a product is paid,at least in part,by someone other than the producer,the cost is referred to as

• A) an external cost.
• B) an external profit.
• C) an external benefit.
• D) an external/internal cost.
• E) a public cost.

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Definitions:

Likelihood Probabilities

Measures of how probable different outcomes are, given a specific set of observed data, in statistical analysis.

Joint Probabilities

The likelihood of two or more events happening at the same time.

Marginal Probabilities

The probability distribution of the random variables individually, without regard to any possible correlations between them.

Conditional Probabilities

The likelihood that an event will happen, given the precondition of another event's occurrence.