_____ Systems Are Usually Designed for a Specific Purpose in a Specific

question 33

Short Answer

_____ systems are usually designed for a specific purpose in a specific device,are usually proprietary or custom-created and owned by the manufacturer.

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Definitions:

Marginal Private Benefit

The additional benefit received by a consumer or producer from consuming or producing one more unit of a good or service.

Marginal Social Cost

The total cost to society of producing an additional unit of a good, including both the private costs borne by the producer and any external costs inflicted on others.

Social Optimum

The most efficient allocation of resources in a society, achieving the best outcomes for social welfare.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they can be used by anyone without preventing others from using them as well.