Examlex
The analysis of consumer decision making based on utility maximization is known as
External Benefit
A positive effect or advantage that results from a product or service's use, affecting individuals or entities who are not directly involved in the transaction.
Positive Externality
A beneficial effect experienced by a third party or the society as a whole, resulting from an economic transaction.
Market
The environment in which buyers and sellers interact to exchange goods, services, and information, setting prices through supply and demand.
Socially Optimal Quantity
Socially Optimal Quantity is the level of production or consumption of a good or service that results in the maximum possible economic efficiency and welfare, taking into account all social costs and benefits.
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