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Which of the following is an example of an activity that creates an external cost?
i.a smoker emitting second-hand smoke
ii.sulfur emitting from a smoke stack
iii.throwing garbage on the roadside
Units
Basic quantities or amounts of a product, service, or measurement.
Profit-Maximizing Amounts
The levels of production or pricing at which a firm achieves the highest possible profit.
MRP
Marginal Revenue Product, which is the additional revenue generated from hiring an additional unit of a resource or input.
Resources
Assets, materials, and inputs used to produce goods and services.
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