-Refer to the Above Figure $S _ { 1 }$ Is the Supply Curve That Includes Only Private Costs

question 128

Multiple Choice

-Refer to the above figure. $S _ { 1 }$ is the supply curve that includes only private costs. $S _ { 2 }$
Is the supply curve that includes social costs.From this figure we know that

• A)an external benefit exists.
• B)private costs are less than social costs.
• C)private costs equal social costs.
• D)private costs are greater than social costs.

Solve real-world problems through setting up and solving systems of linear equations.

Understand the concept of the range in graphing equations and apply it in solving problems.

Translate real-world scenarios into mathematical equations to solve for unknown variables.

Understand the relationship between equations, their graphs, and the solutions to the equations.

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Definitions:

Accounts Receivable

Money owed to a business by its customers for goods or services provided on credit.

Accounts Payable

Accounts payable are amounts a company owes to suppliers for items or services purchased on credit; it is a current liability on the balance sheet.

Nominal Annual Cost

The cost of a product or service stated in current year prices without adjusting for inflation or deflation.

Trade Credit

A type of commercial financing where suppliers allow customers to purchase goods or services and pay for them at a later date.