Social demand is the demand for a good or service that reflectsMultiple choice question.the external benefits of its consumption.the sum of all individual demand curves.both the private and external benefits of its consumption.the private benefits of its consumption.

Private demand isMultiple choice question.the demand for a good or service that considers only the private costs of its production.the demand for a good or service that considers only the private costs of its consumption.the demand for a good or service that considers only the private benefits of its production.the demand for a good or service that considers only the private benefits of its consumption.

The supply of a good or service that reflects only the private costs of its production is calledMultiple choice question.the demand of a good or service that reflects both the private and external costs of its production.external costsprivate supplysocial supply

The difference between social cost and private cost is a measure of theGroup of answer choicesloss in profit to the seller as the result of a negative externality.cost of an externality.cost reduction when the negative externality is eliminated.cost incurred by the government when it intervenes in the market.

If the social benefit of consuming a good or a service exceeds the private benefit,Group of answer choicesthe market achieves economic efficiency.a negative externality exists.a positive externality exists.the sum of consumer surplus and producer surplus is maximised.

What is demand?. Explain its determinants