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Private security officers cannot search employees.
Allocative Efficiency
A state of resource allocation where goods and services are distributed according to consumer preferences, reflecting an optimal distribution of resources.
Producer Surplus
The gap between the minimum amount sellers are prepared to accept for a product or service and the actual price it sells for.
Negative Externalities
Costs that result from an activity or transaction and affect third parties who did not choose to incur that cost.
Quantity Decrease
A reduction in the amount or number of a particular good or service that is available or being produced.
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