Examlex
Describe the two approaches of learning about the world according to Chamberlin.
Marginal Social Cost
The total cost to society of producing an additional unit of a good or service, including both private costs and external effects.
External Social Cost
Costs of production or consumption that affect individuals not involved in the transaction, often unaccounted for by the market price.
Efficient Level
Describes a state where resources are allocated in the most effective manner, maximizing output and outcomes.
Marginal Social Benefit
The incremental advantage to the community from the consumption or production of an additional unit of a product or service.
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