Examlex
Read the following excerpt from a patient's health record: Sharon Jackson is a 12-month-old female with a history of VSD first discovered on echocardiogram shortly after birth. She has been followed by a cardiologist. She had been stable until the past month, when her parents noticed that she had increased difficulty eating. She would sweat after eating and become cyanotic with exertion. According to this patient's medical history, which of the following statements is NOT true?
Economically Efficient
A situation in which resources are allocated in a way that maximizes the net benefit to society.
Marginal Private Benefit
Marginal Private Benefit is the additional benefit or satisfaction received by consumers or producers for consuming or producing one more unit of a good or service.
Marginal Private Cost
The cost incurred by a firm or individual resulting from producing one more unit of a good, excluding externalities or effects on third parties.
External Benefits
External benefits refer to the positive effects or advantages that a product or activity imparts on individuals or society who are not directly involved in the production or consumption of the good.
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