An individual who pays for personal auto repair has incurred a

Name: An individual who pays for personal auto repair has incurred a
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The individual who pays for personal auto repair has incurred a private cost, as it only affects them directly and not the society as a whole. Social costs refer to the costs incurred by society, while negative and positive externalities refer to the costs or benefits that affect third parties who are not directly involved in the transaction.

An Individual Who Pays for Personal Auto Repair Has Incurred