Which of the Following Statements About Private and Social Costs

question 71

Multiple Choice

Which of the following statements about private and social costs associated with a negative externality is TRUE?

• A)Social costs include externalities.
• B)Private cost do not include externalities.
• C)Social costs are never smaller than private costs.
• D)All of the above.

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Definitions:

Justice

entails the fair and equitable treatment of individuals in accordance with moral rightness and law.

Fidelity

The degree to which a person, device, or method accurately and faithfully reproduces a given result or remains true to a specific set of ethical standards or promises.

Full Disclosure

A practice where all relevant information is openly communicated to all involved parties, especially important in financial transactions and healthcare.

Informed Consent

The process by which a fully informed patient agrees to undergo a medical procedure or participate in research after understanding the risks and benefits.