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Leading pastimes of late-nineteenth-century Americans included
Market Failure
A situation in which the allocation of goods and services by a market is not efficient, often leading to a net social welfare loss.
Marginal Benefit
The increased happiness or advantage derived from the consumption of one more unit of a good or service.
Marginal Cost
The cost of producing one more unit of a good or service, often key to determining the optimal level of production.
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are similar enough to be considered substitutes.
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