Private costs are the same as

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Private costs are the costs that are incurred by an individual or a firm in the production or consumption of goods or services. These costs are also known as internal costs because they are borne by the individual or the firm itself, and not by society at large. Implicit costs refer to the opportunity costs of using resources in a particular activity, while external costs are costs that are not directly borne by the individual or the firm, but by society. Public costs are costs that are borne by the government, while private costs are borne by individuals or firms.

Private Costs Are the Same as