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question 95

Short Answer

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Definitions:

Clean Up

The process of removing contaminants, waste, or undesirable items from an area, thus restoring it to its original or acceptable condition.

Moral Hazard

The situation where one party takes on risk because they know that another party will bear the consequences.

Adverse Selection

A situation in insurance and markets where higher-risk individuals are more likely to select and use insurance or services, potentially leading to market inefficiencies.

Externalities

Economic side effects or consequences that affect uninvolved third parties; can be positive or negative.