1 pts Question 13 The social costs of business activity is considered to be wher

Question

1 pts Question 13 The social costs of business activity is considered to be whern O the private costs of the business are included with the external costs. O All the costs that the business owner faces to produce goods and services. O The difference between the external and private costs O Usually less than private costs. Question 14 1 pts When markets are regulated and the government intervenes and total surplus is lost. This is considered to be? Market failure OSocial failure O Public policy O Government failure.

Explanation / Answer

Ans 13) the correct option is the private costs of the business are included with the external costs. Social cost is the sum of private cost and the external costs

Ans 14) the correct option is government failure. It is the inefficiency created by the government

Ans 9) the correct option is self interest. Producers aim is to maximize the economic profit.

Ans 17) the correct option is 3; 4.

3 sandwiches and 4 sodas will be consumed as they yield the marginal utility per dollar is same satisfies the budget constraint 3*1 + 4*1 = 7

Ans 18) the correct option is Sabrina enjoyed her fourth slice of cake more than her third. Law of diminishing marginal utility states that as consumption increases the marginal utility derived from each additional unit decreases.

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