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What is fiscal federalism?
Marginal Social Cost
The cost society bears for production of an additional unit of a good or service, including both private costs and any externalities.
Pollution Reduction
The process or activities aimed at decreasing the amount of pollutants released into the environment, including air, water, and soil.
Total Cost
The aggregate monetary value of all inputs used in the production of goods or services, including fixed and variable costs.
Pollution Permits
Licenses issued by governments that allow the holder to emit a certain amount of pollutants; used as a means to control environmental pollution.
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