Examlex
If a third party pays for an individual to consume a good, how is the decision making of consumers affected? How does this affect the actions of suppliers?
Product-Variety Externality
An economic effect where an individual's consumption choices can lead to an increase in the variety of products available, potentially benefiting other consumers.
Negative Externality
A cost that affects a party who did not choose to incur that cost, often associated with production or consumption activities.
Monopolistically Competitive
A market structure characterized by many firms selling products that are similar but not identical, allowing for some degree of market power and differentiated competition.
Long-Run Equilibrium
A state in which all factors of production and costs are variable, allowing firms to make adjustments so that supply equals demand, leading to no economic profit in perfect competition.
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