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Marginal External Cost
The cost of producing one additional unit of a good or service that is borne by society but is not considered by the produce.
Marginal Social Cost
The total cost to society of producing an additional unit of a good or service, including both the private costs and any external costs.
Oil Refinement
The industrial process of transforming crude oil into usable products including fuels, lubricants, and petrochemicals.
Pollution
The contamination of the natural environment, which can lead to harmful effects on ecosystems and human health.
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