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Laws regarding involuntary hospitalization
Demand and Supply
Fundamental economic concepts that describe the amount of a product or service available for purchase (supply) and the desire of buyers for it (demand), influencing price and market equilibrium.
Market Failure
A situation where the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.
Allocated Efficiently
A resource allocation where resources are distributed in a way that maximizes the net benefit to society or achieves a desired outcome effectively.
Social Costs
The total cost to society, including both private costs borne by individuals and external costs affecting others not directly involved in a transaction.
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