Examlex
Economists have argued that removing trade restrictions benefits Australian industries that
produce goods for export.Explain why this may be the case.
Marginal Social Cost
Marginal social cost is the total cost to society of producing an additional unit of a good, including both private costs and any external costs.
External Costs
Costs incurred as a result of an economic activity that are not borne by the entities undertaking the activity but rather by other parties or society at large.
Marginal Cost
The rise in expense associated with the production of an extra unit of a product or service.
Benefits To Consumers
Refers to the advantages or improvements in well-being and satisfaction that consumers experience from purchasing and using goods and services.
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