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What results has the Republic of Korea experienced from its change in policies?
Business-Stealing Externality
A negative externality that occurs when new products or services enter a market, reducing the sales and profitability of existing products or services.
Spillover Costs
Costs that affect parties who are not directly involved in a transaction or economic activity.
Advertising
The activity or profession of producing advertisements for commercial products or services, aiming to influence consumer behavior and preferences.
Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good, with elasticity greater than one indicating elastic demand.
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