Please Define the Following Key Terms

question 82

Short Answer

Please define the following key terms.
-the vernacular

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Definitions:

Marginal Social Benefit

The additional benefit to society from consuming one more unit of a good or service.

Nonrival Good

Good for which the marginal cost of its provision to an additional consumer is zero.

Marginal Social Cost

The additional cost to society of producing one extra unit of a good or service, considering both private costs and externalities.

Marginal Private Cost

The additional cost incurred by the producer for producing an extra unit of a good, not considering external effects.