Some Suggest That When Economists Claim to Be Thinking ________

question 58

Multiple Choice

Some suggest that when economists claim to be thinking ________, they are _____.

• A)normatively; deluding themselves
• B)positively; deluding themselves
• C)normatively; really thinking positively
• D)negatively; deluding themselves

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Definitions:

Marginal Social Cost

The cost society bears for the production of an additional unit of a good or service, including both private costs and externalities.

Pollution Emissions

The release of pollutants into the environment, often from industrial processes, vehicles, or other human activity.

MSB

Stands for Marginal Social Benefit, representing the additional benefit to society from consuming one more unit of a good or service.

MSC

Marginal Social Cost, which refers to the total cost to society of producing an additional unit of a good or service.