Examlex
Differentiate between intangible and tangible benefits and list three examples of each.In what types of systems are intangible benefits more predominant?
External Cost
A cost incurred by a third party who did not agree to the action causing the cost.
Marginal Costs
The additional cost of producing one more unit of a product or service.
External Cost
Costs that are not borne by the individuals or entities responsible for producing or consuming a good or service, often affecting third parties.
Marginal Cost
The increase in total production costs resulting from the production of one additional unit of a product or service.
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