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Because the market does not take into account the costs imposed on water treatment by the paper mill, the economy will not satisfy the Pareto-optimal condition that the marginal rate of substitution of paper for water must be the same for each individual in the society.
Aggregate Demand
Aggregate demand represents the total demand for all goods and services in an economy at a given overall price level and in a given time period.
Investment Tax Credit
A tax credit offered to businesses to encourage specific types of investments.
Real GDP
The measure of a country's economic output adjusted for price changes, such as inflation or deflation, to reflect the true value of goods and services produced.
Investment
The action or process of allocating resources, usually money, with the expectation of generating an income or profit.
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