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wrote...
Posts: 183
2 months ago

Question 1.

The social costs of an activity are greater than the private costs of the activity when

• the internal costs of the resource-using activity are positive.

• the external costs of the resource-using activity are zero.

• a person does not pay all costs associated with a particular resource-using activity.

• the internal costs of the resource-using activity are less than the external costs of the activity.

Question 2.

When social costs of an activity exceed private costs

• this means that resources are being efficiently used.

• there is a tendency for resources to be over-utilized.

• there is a tendency for resources to be under-utilized.

• None of the above is correct.
Source  Download
Economics Today: The Micro View
Edition: 19th
Author:
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Answer verified by a subject expert
wrote...
Posts: 207
2 months ago
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Answer 1

a person does not pay all costs associated with a particular resource-using activity.

Answer 2

there is a tendency for resources to be over-utilized.
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wrote...
2 months ago
Good timing, thanks!
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