Examlex
Define the dimension of community and give two examples.
Private Cost
The costs directly incurred by those who are producing or consuming goods or services.
Marginal Social Benefit
The additional gain to society as a whole from an extra unit of production.
Marginal Social Cost
The cost to society of producing an additional unit of a good or service, including both the private costs and any external costs.
Marginal Social Benefits
The extra advantage to the entire community from using an additional unit of a product or service.
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