Examlex
Even when done conscientiously and with a firm understanding of the population's characteristics,quota sampling cannot rival probability sampling in the minds of researchers.
External Cost
External costs refer to the negative side effects or consequences of production or consumption that are not reflected in the market price and are born by third parties or society at large.
Efficient Level
The point at which a system or process is operating at maximum potential without waste of resources.
MSC (Marginal Social Cost)
The complete expenditure for society to create an extra unit of a product or service, covering both personal costs and any additional external expenses.
MC (Marginal Cost)
The cost of producing an additional unit of a good or service.
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