Examlex
Minimum-wage laws benefit society by creating a surplus of labor.
Common Resource
A resource like air or water that is not owned by anyone, but is available for use by everyone, often leading to overuse and depletion.
Marginal Social Benefit
The extra advantage to the community when one additional unit of a product or service is made.
Negative Externalities
External costs.
Marginal Social Cost
Marginal social cost is the total cost society bears for the production of an additional unit of a good or service, considering both private costs and any external costs.
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