Examlex
Which of the following is NOT one of the four primary taste qualities that humans perceive?
MSB = MSC
A condition in economics where the marginal social benefit of production is equal to its marginal social cost, considered an optimal point of resource allocation.
Network Externality
The increase in the value of a good or service to an individual is greater when a large number of others own or use the same good or service.
Positive Externality
A beneficial effect experienced by a third party due to an economic activity, without compensation.
Socially Optimal
Refers to a state or condition in which resources are allocated in the most efficient manner from the perspective of society as a whole, maximizing overall well-being.
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