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A country reports that it has an unplanned inventory increase of $1.0 trillion. Discuss how the economy adjusts until it reaches an unplanned inventory change of $0.0 trillion.
Positive Externalities
Benefits that result from a transaction or activity and affect others not directly involved in the transaction or activity.
Marginal Social Cost
The total cost society bears for the production of an additional unit of a product, including both private and external costs.
Marginal Private Cost
The additional cost borne by a producer for producing one extra unit of a good or service.
Marginal Cost Curve
A graphical representation showing the increase in total cost that arises from producing one additional unit of a good or service.
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