When Social and Private Costs Differ, Economists State That

question 126

Multiple Choice

When social and private costs differ, economists state that

• A) there will be economic profit in the society.
• B) the society will produce inside the production possibilities frontier.
• C) there is an externality.
• D) there is not an efficiency problem but an equity problem.

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Definitions:

Neurons

Neurons are specialized cells in the nervous system that transmit information through electrical and chemical signals, serving as the building blocks of the brain and nervous system.

Glial Cells

The second of two types of cells in the nervous system; glial cells (also called glia) provide support, nutritional benefits, and other functions and keep neurons running smoothly.

Sclerenchyma Cells

Thick-walled, lignified plant cells that provide structural support and are found in regions of secondary growth.

Sensors

Devices or instruments that detect and respond to some type of input from the physical environment, such as light, heat, motion, moisture, pressure, or any one of a great number of other environmental phenomena.