1. The social cost of carbon is:
a. the difference between the marginal private cost of carbon and the marginal social cost of carbon
b. the difference between the external cost of carbon and the marginal cost.
c. $1,000
d. the difference between the total cost of carbon and the average cost of carbon.
2. Economic profits are:
A: the same as accounting profits.
B:accounting profits minus implicit costs.
C: the same as total revenue.
D: total profits of the economy as a whole.