What Is a "Social Cost" of Production

question 101

Multiple Choice

What is a "social cost" of production?

• A)the cost of the natural resources used up in production
• B)the total costs of producing a product, both implicit and explicit costs
• C)the sum of all costs to individuals in society, regardless of whether the costs are borne by those who produce the products or consume the product
• D)the cost of the environmental damage created by production

---

Definitions:

IMC Communication Process

An approach that integrates different promotional tools and strategies to provide clarity, consistency, and maximum communication impact.

Communication Channel

The medium—print, broadcast, the Internet—that carries the message.

Medium

A means or channel through which something is communicated or expressed, such as language for ideas, or media like television and radio for information.

Rule-Of-Thumb Method

A heuristic process or guideline that simplifies decision-making without guarantees of accuracy or comprehensiveness.