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Marginal Damage Cost
The additional cost associated with producing one more unit of a good or service, considering the negative externalities.
Efficient Amount
This refers to the quantity of a good or service that maximizes social welfare, where the marginal benefit to consumers equals the marginal cost of production.
Marginal Benefit
The incremental benefit or pleasure derived from consuming one more unit of a good or service.
Efficient Level
The level of output where a firm or economy is maximizing its productivity and minimizing waste within its resources.
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