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In a declining industry, competition usually decreases.
Society's Welfare
Refers to the overall well-being and quality of life of the people in a community, including factors like health, economic stability, and social relationships.
Marginal Social Benefit
the additional benefit to society as a whole from consuming one more unit of a good or service.
Marginal Social Cost
The additional cost imposed on society as a whole by producing one more unit of a good or service.
Marginal Benefit Curve
A visual chart illustrating the variation in consumer advantage as the amount of a product or service rises.
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