When we add private benefits and external benefits together,the result is called:
A) production benefits.
B) social benefits.
C) public costs.
D) network benefits.

Question

Quizplus · Accepted Answer

When we add private benefits (benefits received by the individual or firm producing a good or service) and external benefits (benefits received by society as a whole) together, we get the social benefits. This is because external benefits are positive externalities, which benefit society as a whole, and not just the individual or firm producing the good or service. The social benefits are the sum of the private benefits and external benefits, and are an important consideration when evaluating the overall impact of a particular economic activity or policy.

When We Add Private Benefits and External Benefits Together,the Result