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Why do you never see firms in a perfectly competitive market advertise their product?
Positive Externalities
Benefits received by third parties who are not directly involved in a transaction or activity, leading to potentially under-produced goods or services in a free market.
Market Equilibrium
The state in which market supply and demand balance each other, resulting in stable prices.
Social Value
The importance or worth of something in terms of its contribution to society or the community.
Private Value
The value of a good or service to an individual rather than to society as a whole or to the market.
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