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When the central bank adopts a Friedman rule
Consumer Surplus
The divergence between the total sum consumers are inclined and able to disburse for a merchandise or service, and the total sum they actually disburse.
Negative Externality
A cost that affects a party who did not choose to incur that cost, often associated with production or consumption activities.
Opportunity Cost
The cost of foregoing the next best alternative when making a decision, representing the benefits that could have been received if a different decision were made.
External Cost
An external cost, or negative externality, refers to a cost that a transaction or activity imposes on parties who are not involved in the transaction, such as pollution affecting non-participants.
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