Externalities lead to government intervention in markets, which exacerbates the problems associated with externalities. Externalities result in prices that are too high for many consumers to pay. Markets fail to produce the maximum total benefit to society when positive or negative externalities are present. Markets produce too little of a good when positive or negative externalities are present.

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08-08-2022
Business

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Externalities lead to government intervention in markets, which exacerbates the problems associated with externalities. Externalities result in prices that are too high for many consumers to pay. Markets fail to produce the maximum total benefit to society when positive or negative externalities are present. Markets produce too little of a good when positive or negative externalities are present.

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Tutorconsortium367 Tutorconsortium367 · Answer 1 · 2022-08-10T18:03:13+02:00

social cost is higher than private cost.

What is private cost?

Any expense that an individual or business incurs to purchase or produce products and services is referred to as a private cost.

This covers the price of labor, supplies, equipment, and anything else that an individual or business pays for.

Any adverse impacts or injury brought on as a result of the production are not included in the private cost.

Understanding this discrepancy is crucial. Private expenses to businesses or people are not always equal to the overall cost of a good, service, or activity to society. An external cost is the difference between a good or service's private costs and its overall societal expenses; many products have external costs related to pollution

Learn more about private cost with the help of given link:-

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