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Callie is a world class marathon runner. Which of the descriptions about her dominant type of skeletal muscle is FALSE?
Social Cost
The total cost to society, including both private costs borne by the producer and external costs borne by others, of producing a good or service.
Perfectly Competitive
A market structure characterized by a large number of buyers and sellers, all selling identical products, with no single entity able to influence the market price.
Externalities
Costs or benefits that affect a party who did not choose to incur that cost or benefit, often leading to market failure if not corrected by government intervention.
Marginal Cost
The boost in expenditure due to producing an additional unit of a product or service.
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