Question

it is because firms consciously try to balance social costs and benefits that the efficiency conditions of perfect competition come about. a. true b. false

Answer 1

False. The efficiency requirements of perfect competition emerge as a result of firms' conscious efforts to balance social costs and benefits.

The social cost is what?

Neoclassical economics defines social cost as the total of the private costs associated with a transaction and the costs that consumers bear as a result of being exposed to the transaction but not paid or charged for.

What does social benefit mean?

The term "social benefit" refers to the entire benefit that society receives from the creation or use of a good or service. Any personal gains as well as all external advantages of production or consumption are included. The costs and benefits connected to externalities are referred to by economists as "marginal" in this context.

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