Examlex
Which of the following is true about the doctrine of res ipsa loquitur?
External Effects
In economics, externalities or external effects occur when the actions of individuals or firms have positive or negative impacts on third parties not directly involved in the transaction.
Demand
Refers to the quantity of a good or service that consumers are willing and able to purchase at different prices at a given time.
Supply
The total amount of a specific good or service that is available to consumers at a given price level and over a specific period.
Positive Externalities
Benefits received by third parties who are not directly involved in a transaction or activity, leading to potentially under-produced goods or services in a free market.
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