Examlex
Two weeks after making a public statement at odds with his previous position, which politician is most likely to report to his close friends that he sticks by his most recent (contradictory) statement?
Marginal Social Cost
The total cost to society of producing one additional unit, including both private costs and any external costs.
Marginal Social Benefit
The extra advantage to the community that comes from creating or using an additional unit of a product or service.
Pollution
It refers to the introduction of harmful substances or products into the environment, causing adverse effects on living beings and ecosystems.
External Costs
Costs that are not reflected in the market price of goods or services, often borne by society.
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