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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is the difference between private costs and social costs?

To determine

Difference in between the private costs and the social costs is to be determined.

Explanation

The difference between these is that the private costs are only one part of the overall social costs. Social costs takes into account not only the private costs, but also the externalities that come as a consequence of a given economic decision. Private costs are the familiar cost...

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