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Perform the operation and give the answer as a fraction in lowest terms.
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External Costs
Costs that are not borne by the producer or consumer of a good or service but by society, such as pollution.
Equilibrium Quantity
The quantity of goods or services that is supplied and demanded at the equilibrium price, where market supply and demand balance each other.
External Benefits
Positive effects experienced by individuals or groups who did not directly participate in the actions that produced those benefits.
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