In general,production and consumption decisions are made by balancing private costs and private benefits.

Name: In general,production and consumption decisions are made by balancing private costs and private benefits.
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Private costs and benefits refer to the costs and benefits that are directly incurred by the individuals or firms making the decisions. In general, production and consumption decisions are made by considering the private costs and benefits in order to maximize individual or firm profits.

In General,production and Consumption Decisions Are Made by Balancing Private