Examlex
What features are shown in this photograph of unmetamorphosed sandstone?
Marginal Social Cost
The total cost to society of producing one additional unit of a good or service, including both direct costs and any adverse impacts on third parties.
External Costs
Costs that affect parties who do not directly participate in an economic transaction, often not reflected in market prices (e.g., pollution).
Tax
A required financial imposition or alternative type of assessment placed on taxpayers by government entities to support government budgeting and assorted public outlays.
Efficient Level
Refers to the state where resources are allocated in a way that maximizes the net benefit to society, often achieved when marginal cost equals marginal benefit.
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