Asked by Umari Gordon on Jul 07, 2024
Verified
The ________ cost to society of producing an additional unit of a good or service is the marginal social cost.
A) private
B) subsidized
C) total
D) damage
Marginal Social Cost
The total cost to society of producing an additional unit of a good or service, including both private costs and externalities.
Society
A large group of individuals who live in the same area, share a common culture, norms, and values, and are organized in a cooperative manner.
- Evaluate the consequences of government policies on market equilibrium, prices, and output levels.
Verified Answer
SG
sahadevan govindJul 10, 2024
Final Answer :
C
Explanation :
The marginal social cost includes all costs to society, both private and external, of producing one more unit of a good or service, hence "total" is the correct term.
Learning Objectives
- Evaluate the consequences of government policies on market equilibrium, prices, and output levels.