The social cost of a good or service includes the producer's private cost and all the external costs.

Name: The social cost of a good or service includes the producer's private cost and all the external costs.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The social cost of a good or service encompasses both the private costs incurred by the producer and any external costs (such as environmental damage or public health impacts) that are not reflected in the market price.

The Social Cost of a Good or Service Includes the Producer's