Examlex
The programming terms instance and an object have the same meaning.
Marginal Buyer
The consumer who might leave the market if the price was any higher, indicating their participation is sensitive to price changes.
Willingness To Pay
The greatest sum a consumer is ready to spend for a good or service, showcasing the importance they assign to it.
External Cost
Costs that are not borne by the producers or users of a good or service, but rather by society or third parties, often not reflected in market prices.
Social Optimum
The most efficient allocation of resources that maximizes the overall benefit to society.
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