Examlex
When both state and national governments possess a certain level of authority,it is called:
Private Cost
The costs directly incurred by individuals or companies involved in conducting an economic activity, excluding any external effects on others.
External Cost
A cost of a transaction that affects someone who did not choose to incur that cost, often associated with negative side effects of economic activities not reflected in market prices.
Social-Cost Curve
A graphical representation showing the total cost to society of producing various levels of a particular good or service, including both private costs and external costs.
Demand Curve
A graphical representation in economics showing the relationship between the price of a specific good and the amount of it that consumers are willing and able to purchase at various prices.
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