The private benefit is while the social benefit is
a. the total benefit from consuming the good or service; the benefit received by the consumer of a good or service
b. the benefit received by the consumer of a good or service; the total benefits from consuming the good or service
c. the benefit received by the consumer of a good or service; the external benefit
d. none of the above.

The correct answer is option B.

Explanation:

The private benefit can be defined as the benefit earned by the consumers of a good or service from the consumption of that good or service.

The social benefit includes both private benefits as well as any external benefit involved in the consumption of a good or service. It is the total benefits earned from consuming the good or service.

The external benefits can also be called an externality. It is the benefit earned by a third party due to activities it is not involved in. External benefit makes social benefit greater than private benefit.

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