Examlex
What is a response class and why is it problematic to have a definition that comingles responses of different classes?
Nonrival
A characteristic of a good whereby one person's consumption does not diminish the availability of the good for consumption by others.
Marginal Social Cost
The additional cost incurred by society as a whole due to the production of one extra unit of a good or service.
Socially Optimal
A state or outcome in which the total benefits to society are maximized, taking into account all costs and benefits, both private and external.
Artificially Scarce Good
A good that is made scarce through artificial means such as through intellectual property rights or monopoly pricing, despite its capacity for abundant supply.
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