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What is the World Trade Organization and what are some of the criticisms against it?
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.
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