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If X is a normal good, a rise in money income will shift the
Preservation
The act of maintaining or safeguarding something in its original or current state to prevent decay or destruction.
Efficient Outcome
A situation where resources are allocated in the most effective manner, leaving no room for improvement without making someone worse off.
Marginal Social Benefit
The additional benefit to society from consuming one more unit of a good or service.
Nonrival Good
Good for which the marginal cost of its provision to an additional consumer is zero.
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