Examlex
What is the function of the lateral line system?
Marginal Private Benefit
The extra advantage gained by either the consumer or producer from the consumption or production of an additional unit of a product or service.
Efficient
Refers to the optimal use of resources to achieve the desired outcome with minimal waste or effort.
MSB = MSC
A condition in economics where the marginal social benefit of production is equal to its marginal social cost, considered an optimal point of resource allocation.
Network Externality
The increase in the value of a good or service to an individual is greater when a large number of others own or use the same good or service.
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