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Question
Distinguish between private costs and social costs.
Distinguish Between
Solution
| Private costs | Social costs |
| The costs that a firm actually incurs or pays for producing a commodity are called private costs. These costs are borne by the concerned producer. | The costs that society has to bear on account of the production of a commodity are called social costs. For example, environmental pollution caused by a factory is a social cost. |
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Controllable and Uncontrollable Costs
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