Examlex
A bicycle wheel has an outside diameter of 66 cm. Through what distance does a point on the rim move as the wheel rotates through an angle of 70°?
Marginal Consumer
A consumer who is indifferent between purchasing and not purchasing an additional unit of a good, based on the current price.
Social Cost
The total cost of an activity to society, including both private and external costs.
Private Cost
The costs that an individual or company incurs in the production of goods or services, excluding any externalities.
External Costs
Uncompensated costs incurred by someone who is not involved in the production or consumption of a good or service, typically relating to environmental damage or public health.
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