An externality is the indirect cost, the overhead, of producing a product. is the cost of producing a good outside the United States. may be positive or negative. means a rapidly rising cost borne by consumers. 2. Private property rights involve exclusive rights to use property, but not to exchange the property. rights to enjoy the property in any way desired but not to transfer or exchange the property. rights granted by the government for renewable terms of 100 years or more. exclusive rights to use, transfer, and exchange the property. 3. Which of the following is FALSE? Social costs do not include private costs. Pollution is a social cost. Private costs do not include external costs. If social costs are greater than private costs, "too much" of a good is being produced. EO O O O

An externality is the indirect cost, the overhead, of producing a product. is the cost of producing a good outside the United States. may be positive or negative. means a rapidly rising cost borne by consumers. 2. Private property rights involve exclusive rights to use property, but not to exchange the property. rights to enjoy the property in any way desired but not to transfer or exchange the property. rights granted by the government for renewable terms of 100 years or more. exclusive rights to use, transfer, and exchange the property. 3. Which of the following is FALSE? Social costs do not include private costs. Pollution is a social cost. Private costs do not include external costs. If social costs are greater than private costs, "too much" of a good is being produced. EO O O O

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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