The cost borne by a producer in the production of a good or service is called
A)private cost.
B)public cost.
C)social cost.
D)internal cost.

Question

Quizplus · Accepted Answer

Private cost refers to the cost incurred by the producer in the production of a good or service. It includes the cost of raw materials, labor, rent, equipment, and other inputs used in the production process. Private cost is different from social cost, which takes into account the externalities associated with the production process.

The Cost Borne by a Producer in the Production of a Good