The social cost of production is:

Question

Quizplus · Accepted Answer

The social cost of production includes both private costs and external costs. Private costs are the costs that are directly incurred by the producer, while external costs are the costs that are incurred by society as a whole, such as pollution or damage to public health. The social cost of production, therefore, represents the total cost to society of producing a good or service, and is a more accurate measure of the true cost of production than just considering private costs alone.

The Social Cost of Production Is