Examlex
Why is the SLA higher under shade for both shade-tolerant and shade-intolerant plants?
MSC
The marginal social cost of producing one additional unit of a good or service, which includes both the private cost and any external costs to society.
MC
Marginal cost; the cost incurred by producing one additional unit of a product.
External Cost
Costs that are not borne by the parties involved in an economic transaction but are suffered by other members of society.
Free-Rider Problem
A situation where individuals consume more than their fair share of a public resource, or shoulder less than a fair share of the costs of its production, without contributing to the resource's provision.
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