Identify and State the Historical Significance of the Following

question 85

Short Answer

Identify and state the historical significance of the following:
-Dien Bien Phu

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Definitions:

External Costs

Costs that are not borne by the parties to a transaction but are imposed on others, such as pollution affecting non-participants.

Output

The amount of goods or services produced by a company, industry, or economy in a given period.

Marginal Social Benefit

The additional benefit to society from one more unit of a good or service being produced and consumed.

Marginal Social Cost

The additional cost incurred by society as a whole from producing one more unit of a good or service, including both private costs and any externalities.