Examlex
Which of the following is NOT a correct statement about development?
Efficient Outcome
An optimal allocation of resources that results in the highest possible satisfaction or utility with the least waste or inefficiency.
Externality
A consequence of an industrial or commercial activity which affects other parties without this being reflected in market prices.
Property Rights
Legal rights to use, control, and benefit from a resource.
Free-Rider Problem
A situation where individuals consume a public good without contributing to its cost, leading to underprovision or overuse.
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