Examlex
Which is an example of an input device?
Marginal Benefit
Marginal benefit is the additional satisfaction or utility that a consumer receives from consuming one more unit of a good or service.
Social Cost
The total cost to society, including both private costs borne by the producer and external costs borne by others, of producing a good or service.
Perfectly Competitive
A market structure characterized by a large number of buyers and sellers, all selling identical products, with no single entity able to influence the market price.
Externalities
Costs or benefits that affect a party who did not choose to incur that cost or benefit, often leading to market failure if not corrected by government intervention.
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