Examlex
Which of the following may be used in an attempt to correct market failure?
Marginal Social Cost
The total cost to society of producing one additional unit of a good, including both the private costs and any external costs.
Efficient Level
An optimal point where resources are utilized in the most productive manner without waste, achieving the best outcome.
Positive Externality
A beneficial effect experienced by a third party as a result of an economic transaction or activity between others.
Negative Externality
A cost that affects a party who did not choose to incur that cost, often a byproduct of production or consumption.
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