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Unformatted text preview: Marginal private costs Benefits that are enjoyed by people other than the producers or consumers of a product. External Benefits Goods or services whose benefits are not affected by the number of users and from which no one can be excluded. Public Goods The additional costs to both the producer (internal costs) and society (external costs) of producing additional quantities of a product. Marginal social costs Benefits or costs of a product experienced by people who neither produce nor consume that product. Externalities 04:29 04:29...
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- Spring '10
- marginal social costs, marginal social benefits, marginal private costs, External Costs Goods, costs Benefits