Examlex
If the monopoly's demand curve intersects the AVC curve at minimum AVC,the firm will shut down.
Public Good
A public good is a product or service that is non-excludable and non-rivalrous, meaning it can be consumed by anyone without reducing its availability to others.
Nonexcludability
A characteristic of public goods where it is not feasible to exclude individuals from using the good or benefiting from it.
Nonrivalry
A characteristic of certain goods where one person's consumption does not reduce availability to others, often associated with public goods.
Negative Externalities
Costs suffered by a third party as a result of an economic transaction which the parties directly involved in the transaction do not fully account for.
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