The marginal social benefit of education is the marginal private benefit of education plus the marginal external benefit of education.

Question

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Marginal social benefit is the total benefit to society, which includes both the private benefits of education (such as increased earnings and higher job opportunities) and the external benefits (such as reduced crime and improved health outcomes). Therefore, the marginal social benefit of education is the sum of these two components.

The Marginal Social Benefit of Education Is the Marginal Private