Final answer:
The concave socket on the lateral surface of each hip bone that receives the head of the femur is called the acetabulum.
Step-by-step explanation:
The concave socket on the lateral surface of each hip bone that receives the head of the femur is called the acetabulum. The acetabulum is a deep, cup-shaped cavity located on the lateral side of the hip bone and is part of the hip joint. It provides stability and weight-bearing ability to the joint.