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​Match the Term to Its Description or Definition

question 67

Multiple Choice

​Match the term to its description or definition.
-​A numerical expression of the number of portions of a whole by using the number of portion over the designated whole number,as in 1/8 or "one-eighth"


Definitions:

Marginal Cost

The change in total cost that arises when the quantity produced is incremented by one unit; essentially, the cost of producing one more unit of a good.

Product-Variety Externality

An economic effect where an individual's consumption choices can lead to an increase in the variety of products available, potentially benefiting other consumers.

Negative Externality

A cost that affects a party who did not choose to incur that cost, often associated with production or consumption activities.

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