Examlex
____________________ is the most fundamental participatory act in any democracy.
Public Good
A good or service offered to society's members at no cost, sponsored by either a private entity or the government with no intent of making a profit.
Marginal Cost
Marginal cost is the change in total production cost that comes from making or producing one additional unit of a good or service.
Public Good
A product or service that is non-excludable and non-rivalrous, meaning it can be used by many people without depleting the resource or preventing others from using it.
Demand-Side Market Failure
A situation where the demand curve does not reflect consumers' full willingness to pay for a good or service, often due to externalities or public goods.
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