17 Dec 2021
Problem 2
Page 315
Section SELF: CHECK QUESTIONS
Chapter 13: Positive Externalities and Public Goods
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17 Dec 2021
Introduction
The term 'Private benefit' is the benefit derived by an individual or firm directly involved in a transaction as either buyer or seller. Whereas, 'social benefit' is the total benefit to society from producing or consuming a good/service. It include all the private benefits plus any external benefit of the production/consumption.
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