Social cost refers to ______.

Question

KollegeApply · Accepted Answer

Social cost refers to private cost + external cost. Explanation: A good or service's entire cost to society as a result of its creation or use is referred to as its "social cost." It consists of: • Private cost: The price paid by the manufacturer or buyer. • External cost: Expenses incurred by others, such as traffic jams, pollution, etc.

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