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Card 1 of 26

What is a private cost?

A

Private cost is the total cost paid by society, including pollution and congestion.

B

Private cost is imposed on people outside the transaction, such as residents' health problems.

C

Private cost is the benefit gained by the decision maker, such as higher wages and sales.

D

Private cost is paid by the decision maker, such as a firm's wages and raw materials.

Card 1 of 26

1.3.2 Externalities Flashcards

  1. A Level
  2. /Economics
  3. /1.3.2 Externalities

26 flashcards on Edexcel A A Level Economics 1.3.2 Externalities: the key terms, economic models and case studies you need to recall for Paper 1, Paper 2 and Paper 3.

Flashcards