Social cost in neoclassical economics is the sum of the private costs resulting from a transaction and the costs imposed on the consumers as a consequence of being exposed to the transaction for which they are not compensated or charged. In other words, it is the sum of private and external costs.
D. More deaths mean fewer workers.
What is a social cost example?
Social cost is the total cost to society. It includes private costs plus any external costs. Example of driving to work. Costs of paying for petrol (personal cost) Costs of increased congestion (external cost)
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