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Thus, residential and commercial customers in the United States may already be facing prices that are above social marginal cost.
As with the choice between prudential regulatory regimes and corrective taxation generally, the same informational constraint applies equally, but a regulatory response may again be the preferable policy instrument if the social marginal cost curve associated with excessive risk taking is steeper than the private marginal cost curve.
C] however, congestion occurs and social marginal cost lies above private marginal cost.
The left-hand side represents the marginal social surplus of less retirement, and the right-hand side is the social marginal cost of less retirement.
The explanation for the shapes of the private and social marginal cost curves is slightly more complicated.
In this case, the social marginal cost of the public good equals its private marginal cost of production.