The social cost of a transaction is _________.
O the sum of fixed costs and opportunity costs.
O the sum of fixed and variable costs.
O the sum of private and external costs.
O the difference between the private and external costs.
O the difference between the total cost and opportunity cost.

Neoclassical economics -based on supply and demand as market drivers- define the social costs of transactions as the sum of private costs inherent in the operation and the costs consumers set because of being exposed to the transaction or the external costs. This cost differs from the private costs which are the expenditures a producer incurs in the production of a good or service.

johnlimbark johnlimbark · Answer 2 · 2020-04-01T03:53:58+02:00

Answer:

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Explanation:

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The social cost of a transaction is _________. O the sum of fixed costs and opportunity costs. O the sum of fixed and variable costs. O the sum of private and external costs. O the difference between the private and external costs. O the difference between the total cost and opportunity cost.

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The social cost of a transaction is _________.
O the sum of fixed costs and opportunity costs.
O the sum of fixed and variable costs.
O the sum of private and external costs.
O the difference between the private and external costs.
O the difference between the total cost and opportunity cost.