An External Cost of Production Is

question 75

Multiple Choice

An external cost of production is

• A) a cost incurred by someone other than the producer.
• B) the production cost borne by a producer.
• C) the result of the sum of private and social cost.
• D) another word for a tax.

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Definitions:

Lockout

A tactic used by employers where they prevent employees from working during a labor dispute, often to pressure the union to accept contract terms.

RICO Act

The Racketeer Influenced and Corrupt Organizations Act, a United States federal law designed to combat organized crime by allowing prosecution and civil penalties for racketeering activity.

Sympathy Strike

A labor strike by one union in support of another union's strike, even though the first union does not have a direct dispute with the employer.

Support Workers

Employees who provide assistance or technical services that enable other staff members to perform their jobs more effectively.