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Cigarettes are considered a demerit good since its consumption has a negative impact on the consumer. The product then results in an external cost as it becomes a cost for a third party as a result of an ...

Farmers could keep information on their cows such as the milk yield of a bull's mother and daughters in order to select ideal bulls as male parents. These bulls would then be allowed to mate with (unrelat...

Economies of scale are when increasing output leads to lower long-run average costs- meaning that when a business increases production, their average costs decrease
There are several types of economy...

Primary effects occur immediately, as a result of the earthquake itself. Example of primary effects include buildings and bridges collapsing and death and injury to people. Secondary effects can occur fro...

By 1950, both the USSR and the USA had successfully developed and tested nuclear weapons. For both countries, spending on research and development for more advanced nuclear weapons was a top priority, as ...