Examlex
Which of the following is a characteristic of a good theory?
Price Mechanism
The way in which prices rise and fall as a result of changes in demand and supply, guiding the allocation of resources in a market economy.
External Benefit
A benefit from a good or service that is received by someone not directly involved in the transaction or production of that good or service, also known as a positive externality.
Pollution
The introduction of contaminants into the natural environment that cause adverse changes and harm to the ecosystem.
Market Failure
A situation where the allocation of goods and services is not efficient, often leading to a net social welfare loss.
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