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Lanthanides are rare earth elements.
Marginal Private Cost
The cost incurred by a company or individual for producing one additional unit of a good or service, not accounting for externalities.
Marginal External Cost
Increase in cost imposed externally as one or more firms increase output by one unit.
Socially Optimal Output
The level of production or output that is most beneficial for society as a whole, considering both production costs and externalities.
Market Price
Price prevailing in a competitive market.
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