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question 57

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Definitions:

Copyright Laws

Legal protections granted to creators for their original works, preventing unauthorized use or distribution.

Private Good

a category of goods that are excludable and rival in consumption, meaning that access can be restricted and one person's consumption prevents another's.

Externalities

Economic side effects or consequences that affect uninvolved third parties; can be either positive or negative.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output.