economics 290 test 2 part 3 final
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4 terms
Terms | Definitions |
|---|---|
 social cost | the total cost of a good to society which includes the costs of production incurred by the firm as well as the external costs |
| Q* | optimal production with externality cost |
| coase's theorem | if there are no costs of bargaining people and polluters then by assigning a property right to pollute or the right of the people to be free from a certain amount of pollution |
| common property | simply government owned property |
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