Examlex
Bill wants to increase the amount of water that he drinks each day,but is having difficulty because he drinks too much pop instead.Bill gets rid of all the pop in his apartment and no longer goes down the pop aisle in the supermarket.Removing the pop and avoiding the pop aisle in the supermarket is an example of ____________ for his competing behavior.
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are similar enough to be considered substitutes.
Nonexcludable
A characteristic of a good or service that prevents individuals who have not paid for it from being easily excluded from its consumption or use.
Nonrival
A characteristic of goods where one person's consumption does not diminish the ability of others to consume the same good.
Social Costs
The total cost to society, including both the private costs borne by producers and also any external costs to others not involved in the transaction.
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