When the Private Costs and the Social Costs Are NOT

question 155

Multiple Choice

When the private costs and the social costs are NOT the same, there is a(n)

• A) externality.
• B) internality.
• C) public good.
• D) monopoly.

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Definitions:

Decision Making

The process of making choices or conclusions based on available information, analysis, and preference.

Influencer

An individual who has the power to affect the purchasing decisions of others because of their authority, knowledge, position, or relationship with their audience.

Decision Maker

An individual or group responsible for making choices that will affect the outcome of a particular process or situation.

Purchaser

An individual or organization that buys goods or services for personal use or for further processing or manufacturing.