Examlex
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"
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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