The cost of an activity paid for by the individual and the third party is defined as a(n)________ cost.

Name: The cost of an activity paid for by the individual and the third party is defined as a(n)________ cost.
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Question

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Social cost includes both the private costs incurred by firms and also any additional costs incurred by third parties outside the production process, like pollution effects on the environment or health impacts on the general public.

The Cost of an Activity Paid for by the Individual