Private costs are:

Question

Private costs are:

Quizplus · Accepted Answer

Private costs refer to the costs incurred by the producer of an economic activity, not including any external costs that may be imposed on society. Therefore, option C is the correct choice. Option A is incorrect because it includes all resource costs, whereas private costs only include those borne by the producer. Option B is incorrect because social costs can be equal to or greater than private costs, depending on the extent of externalities. Option D is incorrect because it includes option A, which is not entirely accurate.

Private Costs Are