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Definition
| benefit or cost that affects bystanders of a transaction |
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Definition
| private cost + public cost |
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Term
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Definition
| the market fails to produce the efficient level of output |
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Definition
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Definition
| my consumption does not use up the good or service |
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| can't stop someone from using the good or service |
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Term
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Definition
| highest price consumer is willing to pay minus the actual cost |
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Term
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Definition
| the cost of the good minues the lowest price the producer is willing to charge for it |
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