Examlex
Patient is admitted with alcohol cirrhosis and has a TIPS procedure performed.
Negative Externality
A cost that affects a party who did not choose to incur that cost, often arising from production or consumption of goods and services.
Socially Optimal Quantity
The level of production or consumption that maximizes social welfare, considering all costs and benefits to society.
Equilibrium Quantity
The quantity of goods or services bought and sold at the equilibrium price, where demand equals supply.
Negative Externality
occurs when the production or consumption of a good or service imposes costs on third parties not directly involved in the transaction.
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