Examlex
Through word-of-mouth communication, consumers look to each other for product information and recommendations.
Corrective Subsidy
A financial incentive provided by the government designed to encourage activities that yield external benefits or to correct a market failure by reducing private costs.
Social Optimum
The most efficient allocation of resources, resulting in the maximization of social welfare and benefiting all members of a society.
Corrective Tax
Levies imposed to address and ameliorate the negative externalities generated by certain economic activities, thereby realigning social and private costs.
Subsidy
A financial contribution granted by the government or a public body to support businesses, reduce the price of commodities, or encourage activities beneficial to the public interest.
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