Examlex
Unilateral actions by individual nations in trade matters:
Output Level
The total quantity of goods or services produced by a firm or industry within a specific period.
External Costs
Costs that are not borne by the producer or consumer of a good or service, but by third parties or society as a whole, such as pollution.
Market Outcome
The end result of market interactions, determined by supply and demand forces, affecting prices and quantities.
Efficient Price
A market price that fully reflects all available information and maximizes the total benefits to society.
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