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What is the relationship between market failure and government failure?
Marginal Costs
The extra expense associated with the production of an additional unit of a product or service.
Average Cost
The total cost of production divided by the quantity of output produced, representing the per unit cost of production.
Signaling Mechanism
A method or action taken to convey information or intentions between parties, often used in economics and biology to indicate quality or status.
Screening Mechanism
A process or method used by entities to filter or select suitable candidates or options based on specific criteria.
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