Examlex
Describe the three primary challenges for scientists when attempting to estimate extinction rates.
Marginal Social Cost
The complete expense incurred by society when one more unit of a product or service is created, encompassing both personal expenses and any external factors.
Marginal Benefit
The enhancement in satisfaction or benefit achieved by using or producing another unit of a product or service.
External Costs
Costs of an economic activity that are not borne by the participants in the activity but are imposed on others, such as pollution.
Competitive Free Market
A market structure where many firms offer products or services that are similar, allowing for free entry and exit, with prices determined by supply and demand forces.
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