Economy, asked by ptseilhan2870, 21 days ago

Differenciate between money cost and social cost

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Answered by pinkunipom1425
0

Answer:

Money cost is also known as the nominal cost. It is nothing but the expenses incurred by a firm to produce a commodity.

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.

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