If Social Cost Exceeds Private Cost, There Is

question 181

Multiple Choice

If social cost exceeds private cost, there is

• A) underproduction of a good.
• B) a negative externality.
• C) a positive externality.
• D) too little economic profit in the activity.

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Definitions:

P Value

A statistical measure that helps scientists determine the significance of their research results, indicating the likelihood that the observed results happened by chance.

Results

The outcomes or conclusions derived from conducting a specific action or experiment.

P < .05

A commonly used criterion in statistical hypothesis testing that indicates there is less than a 5% probability the observed differences or relationship occurred by chance, suggesting the results are statistically significant.

Probability

A measure of the likelihood that an event will occur.