What is the difference between private and social costs?

1. What is the difference between private and social costs?

2. How can the government intervene to force consumers to internalize external costs associated with: a. negative externalities? b. positive externalities?

3. Differentiate between a public good and common resources.

4. Would a tax on prescriptions drugs be more likely to be progressive or regressive? Why?

5. What finances the majority of federal spending?

What is the difference between private and social costs?

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