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What is the time-inconsistency/credibility problem?
Producer Surplus
The gap between the minimum amount sellers are prepared to accept for a product or service and the actual price it sells for.
Negative Externalities
Costs that result from an activity or transaction and affect third parties who did not choose to incur that cost.
Quantity Decrease
A reduction in the amount or number of a particular good or service that is available or being produced.
Efficiency Losses
The reduction in economic efficiency due to imbalances or distortions in the market, often manifesting as excess or insufficient production and consumption.
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