The private cost of a good or service is the cost borne by the producer.

Question

Quizplus · Accepted Answer

The private cost of a good or service is the cost incurred by the producer, such as production costs, labor costs, and material costs. It does not take into account any external costs or benefits, which are borne by society as a whole. Thus, the private cost is a part of the total cost of production, but it may not reflect the true cost of producing the good or service.

The Private Cost of a Good or Service Is the Cost