Examlex
Sugar dissolves when stirred into coffee. The coffee is the ________, the sugar is the ________, and the sweetened coffee is the ________.
Externality
A consequence of an economic activity experienced by unrelated third parties; it can be positive or negative.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to sell.
Demand Curve
A graph showing the relationship between the price of a good or service and the quantity demanded by consumers at different prices.
Social Costs
The total cost to society, including both private costs incurred by firms and external costs to individuals not involved in a transaction.
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