Costs That Accrue to the Total Population Are Called ____

question 211

Multiple Choice

Costs that accrue to the total population are called ____ costs. Costs incurred by the producer or consumer who makes the decision are called ____ costs.

• A)​negative; positive
• B)​social; private
• C)​private; social
• D)​positive; negative

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Definitions:

Inflation

The rate at which the general level of prices for goods and services is rising, eroding purchasing power.

Flexibility

The ability of a system or organization to adapt to changes, variations, or unexpected circumstances without significant loss of functionality or efficiency.

Uncertainty

The state of having limited knowledge where it is impossible to exactly describe the existing state, a future outcome, or more than one possible outcome.

Economic Factors

Variables and conditions affecting an economy’s performance, such as inflation rates, interest rates, employment levels, and gross domestic product (GDP).