External Costs and External Benefits Are Collectively Referred to As

question 42

Multiple Choice

External costs and external benefits are collectively referred to as:

• A)externalities.
• B)network externalities.
• C)social externalities.
• D)social welfare.

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Definitions:

Communists

Individuals or parties that advocate for a classless society in which the means of production are owned communally and private property is nonexistent or severely curtailed.

Theory

A system of ideas intended to explain something, based on general principles independent of the thing being explained.

Competitive

The condition of the market in which businesses or sellers independently strive for consumers' patronage to gain a profit.

American Industry

Refers to the manufacturing and economic sectors that drive the United States’ economy, encompassing a wide range of goods and services.