Examlex
You've been sitting on the couch for a while now; there is music playing in the background,and your cat has fallen asleep with his head on your arm.You are daydreaming about your upcoming vacation,and you don't notice or attend to the sound of the music or the pressure of your cat's very heavy head.What processes result in these two types of loss of feeling
Marginal Social Cost
The total cost to society of producing one additional unit of a good or service, considering both the costs borne by the producer and any costs or benefits to third parties (externalities).
Public Good
A product or assistance made available to all societal members without financial gain, provided by either state bodies or voluntary private groups or individuals.
Nonrival
A characteristic of a good whereby one person's consumption does not reduce its availability to others.
Nonexcludable
A characteristic of a good or service that prevents the owner or provider from excluding individuals from using it once it has been provided.
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