The difference between private cost and social cost is that A) social cost only considers the external cost borne by society. B) social cost only considers the cost borne by people other than the producer. C) private cost only considers the cost borne by producers of the good. D) social cost also includes any external benefit whereas private cost excludes all external benefits. E) there is no difference; the terms refer to the same cost.

The difference between private cost and social cost is that A) social cost only considers the external cost borne by society. B) social cost only considers the cost borne by people other than the producer. C) private cost only considers the cost borne by producers of the good. D) social cost also includes any external benefit whereas private cost excludes all external benefits. E) there is no difference; the terms refer to the same cost.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter17: Externalities And The Environment

Section: Chapter Questions

Problem 10PAE

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