Examlex
Match the following:
-Diverse life experiences
Externality
A cost or benefit that affects a third party who did not choose to incur that cost or benefit.
Efficient Scale
The level of production at which a firm's average total costs are minimized.
Monopolistically Competitive
A market structure where many sellers offer products or services that are similar but not perfect substitutes, allowing for some degree of market power.
Product-variety Externality
The impact on consumer welfare or market efficiency due to variety in products available, often seen as a positive externality in markets.
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