Examlex
Which of the following occurs when sales of a new product cut into sales of a firm's existing products?
Private Marginal Cost
The cost incurred by a firm or individual for producing one additional unit of a good or service, not including external costs.
Traffic Congestion
Refers to the situation where there are more vehicles than the road can accommodate, leading to slower speeds, longer trip times, and increased vehicular queuing.
Marginal Social Cost
The total cost incurred by society when the production of a good or service is increased by one additional unit, including both private and external costs.
Common Resources
Goods that are non-excludable and rivalrous, meaning they are available to all but can be depleted by overuse.
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