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Manuel works as the IT technician for a small company. Because he is good with electronics, other employees often ask Manuel for help when the photocopiers stop working. Although this was not part of Manuel's original job description, he now considers fixing the photocopiers as part of his job. This is an example of
Property Right
A legal right or privilege, granted by law, to use, control, and derive benefits from a resource or property.
Marginal Social Cost
The cumulative expense to society for creating one more unit of a product or service, encompassing both the personal costs and any external effects.
Private Marginal Cost
Private marginal cost refers to the cost that a company incurs for producing an additional unit of a good or service, excluding any external costs.
Marginal Social Cost
The total cost to society of producing one additional unit of a good or service.
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