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When parents lose a child to death, or when they have a baby born with birth defects, they experience a cycle of grief and loss. During this part of the cycle, the parent often responds with withdrawal, eating, hysteria, talking, etc.
Allocative Efficiency
The apportionment of resources among firms and industries to obtain the production of the products most wanted by society (consumers); the output of each product at which its marginal cost and marginal benefit are equal, and at which the sum of consumer surplus and producer surplus is maximized.
Marginal Costs
The additional cost incurred by producing one more unit of a good or service, crucial for making production and pricing decisions.
Marginal Benefits
The incremental satisfaction or benefit a consumer derives from consuming an additional unit of a good or service.
Net Benefits
The total benefits of a decision or project after subtracting all the costs associated with it.
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