Question

What is a "social cost" of production?

a.
a.the cost of the natural resources used up in production
b. the total costs of producing a product, both implicit and explicit costs
c. the sum of all costs to individuals in society, regardless of whether the costs are borne by those who produce the products or consume the product
d. the cost of the environmental damage created by production?

Answer 1

sum of all costs to individuals in society, regardless of whether the costs are borne by those who produce the products or consume the product