If the Marginal Social Cost of a Good Is $70

question 100

Essay

If the marginal social cost of a good is $70 and the marginal external cost is $20, what does the marginal private cost equal?

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Definitions:

Recreation Center

A facility that provides a variety of physical and social activities designed for enjoyment, relaxation, and the physical health of the community.

Logrolling

The act of trading support, particularly within the political arena, through mutual agreement to vote for each other's proposed bills.

Paradox Of Voting

The situation where individual rational choice leads to a situation where collective rational outcomes are not achieved, often resulting in the non-optimal allocation of resources.