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Match the Following: -Diverse Life Experiences

question 86

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Match the following:
-Diverse life experiences


Definitions:

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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