Examlex
Instructions: Please define the following key terms.
-Global warming
Marginal Cost
The expenditure involved in producing a further unit of a good or service.
Public Good
A good that is non-excludable and non-rivalrous, meaning it can be used by everyone and one person's use doesn't diminish another's.
Optimal Quantity
The amount of a good or service that yields the maximum economic benefit or utility.
Cost-Benefit Analysis
A comparison of the marginal costs of a project or program with the marginal benefits to decide whether or not to employ resources in that project or program and to what extent.
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