Question 1 A cost paid by the consumer or the producers is called a(n): private

Question

Question 1

A cost paid by the consumer or the producers is called a(n):

private cost.

external cost.

social cost.

social surplus.

1 points   

Question 2

A cost borne by people other than the consumer or the producer trading in the market is a(n):

private cost.

external cost.

social cost.

social surplus.

1 points   

Question 3

The social cost is:

private cost.

consumer cost.

external cost.

the private cost plus the external cost.

1 points   

Question 4

Social surplus is consumer surplus:

minus producer surplus.

plus producer surplus.

minus producer surplus minus everyone else

private cost.

external cost.

social cost.

social surplus.

Explanation / Answer

1. private cost.
2. external cost.
3. the private cost plus the external cost.
4. plus producer surplus.
5. social surplus.
6. higher than the supply curve by the amount of the external cost.
7. B
8. 2
9. external cost
10.external benefit
11.3
12.B
13.the efficient quantity
14.marginal benefit plus external benefit
15.the costs necessary to reach an agreement
16.low; clearly
17.may not; least
18.less; least
19.well known; requires
20.Neither a nor b are true.   

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