Examlex
A 3-month-old infant is diagnosed with developmental hip dysplasia.The nurse explains that the usual treatment for this infant would be:
Market Price
The current price at which an asset or service can be bought or sold in the open market.
Common Resource
A resource like air or water that is non-excludable and rivalrous, meaning it's impossible to prevent anyone from using it, but one person's use diminishes another person's ability to use it.
Nonexcludable
A nonexcludable good is one where it is not possible to prevent people who have not paid for it from having access to it, typical in public goods.
Marginal Social Benefit
The additional benefit received by society as a whole from consuming one more unit of a good or service.
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