Examlex
________ are corrections of material errors in prior period financial statements.
Negative Externalities
Unintended and uncompensated costs imposed by one party's actions on others not involved in the transaction.
Efficiency Loss
The loss of economic efficiency that can occur when the balance between supply and demand is not achieved, leading to potential welfare loss.
Deadweight Loss
See efficiency loss.
Marginal Cost
The increase in expenditure incurred from making one more unit of a product or service.
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