Examlex
Adolescents are more likely to engage in risky behaviour when they are in the presence of other adolescents.
Efficient Outcome
An optimal allocation of resources that results in the highest possible satisfaction or utility with the least waste or inefficiency.
Externality
A consequence of an industrial or commercial activity which affects other parties without this being reflected in market prices.
Property Rights
Legal rights to use, control, and benefit from a resource.
Free-Rider Problem
A situation where individuals consume a public good without contributing to its cost, leading to underprovision or overuse.
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