Examlex
Describe active and passive hubs.
Externalities
External benefits and external costs.
Public Goods
Goods that are non-excludable and non-rivalrous, meaning individuals cannot be effectively excluded from use, and where use by one individual does not reduce availability to others.
Consumer Surplus
The difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually pay.
Producer Surplus
The difference between the amount producers are willing to accept for a good or service and the actual price they receive.
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