What Are External Costs

question 123

Multiple Choice

What are external costs?

• A)The costs involved in exporting products abroad.
• B)The costs that are suffered by outside workers.
• C)The costs that are suffered by people other than the producers or consumers of a product.
• D)The costs that are imposed on plants which are located abroad.

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Definitions:

Equitable Remedies

A form of legal remedy that requires a party to act or refrain from acting in a certain way, rather than monetary compensation.

Common Law Courts

Courts that apply the common law, relying on precedent and judicial decisions rather than codified laws.

Restatements

Codifications of the common law intended to clarify and illustrate principles and rules in various areas of law, published by the American Law Institute.

Common Law

A legal system based on custom, court rulings, and past legal precedents rather than statutory laws.