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Dylan has a new girlfriend whom he really likes. He programs his cell phone so that every time his girlfriend calls, his phone plays the new Justin Timberlake single. After he has had his phone programmed this way for a little while, he notices that he feels happy whenever he hears the Justin Timberlake song. This MOST clearly illustrates ____.
External Costs
Costs incurred by society as a whole due to economic activities but not reflected in the market price or borne by the producer or consumer involved.
Pollution Abatement
Actions or measures taken to reduce, control, or eliminate pollution and its negative impacts on the environment.
Socially Optimal
A condition or output level where the social welfare is maximized, taking into account both the benefits to consumers and the costs to producers.
Marginal Benefit
The additional satisfaction or utility that an individual gains from consuming one more unit of a good or service.
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