Economists Generally Call the Effect of an Agreement on Others

question 117

Multiple Choice

Economists generally call the effect of an agreement on others that is not taken into account by the parties making the agreement:

• A) excess burden.
• B) welfare loss.
• C) Pareto optimality.
• D) an externality.

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Definitions:

Visual Impairment

A condition characterized by the partial or complete loss of vision, which cannot be corrected with standard eyeglasses or contact lenses.

Presbyopia

A common age-related condition in which the eye gradually loses the ability to focus on nearby objects, typically starting around middle age.

Thickening

The process of making a liquid denser or more viscous by adding a substance, often used in cooking or in industrial processes.

Vaginal Walls

The muscular and membranous inner layers of the vagina, which can stretch and contract.