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What is Marginal Social Cost?
Marginal Social Cost
Length: 1 pages (288 Words)
Marginal social cost refers to the cost to the whole society coming through the production of an extra unit or after taking of one action in a place’s economy. The total cost is derived from not just the cost of producing the units by the producer, but also, the cost that producing the unit had on the external environment. In addition, other stakeholders are included if they incurred the cost.