Examlex
Distinguish between a shortage and scarcity.
External Benefits
Positive effects experienced by third parties or the public due to an economic transaction they were not directly involved in.
Market Outcomes
The results of interactions between buyers and sellers in a market, including price, quantity, and quality of goods and services traded.
Efficient Quantity
The level of production that maximizes the difference between total revenue and total cost, leading to optimal resource allocation.
Marginal Cost
The expenditure associated with creating one more unit of a good or service.
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