When the Benefits of Producing a Good or Service Spill

question 157

Multiple Choice

When the benefits of producing a good or service spill over to other people,rather than just the buyer,the spillover is referred to as

• A) an external benefit.
• B) an external cost.
• C) a marginal cost.
• D) an equilibrium social output.
• E) a Coasian good.

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Definitions:

Ethnic Minority Groups

Groups of people who differ in race, ethnicity, or national origin from the majority population.

Disengagement Theory

The view that declines in social interaction in older age are due to mutual withdrawal between older adults and society as they anticipate death.

Social Interaction

Entails the process by which individuals act and react in relation to others, influencing each other's behaviors and thoughts in a social context.

Disengagement Theory

A theory suggesting that aging naturally involves a gradual withdrawal from social roles and relationships, as a part of healthy adjustment to aging.