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When the production or consumption of a good creates a benefit for a third party not involved in the transaction, the market will tend to produce a quantity that is ________ than the amount considered ideal for society as a whole.
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Social Science
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Economics
Economy
Introduction to Microeconomics Course
CORE Econ
Ch.10 Market successes and failures: The societal effects of private decisions - The Economy 2.0 Microeconomics @ CORE Econ
Comprehension in Revised Bloom's Taxonomy
The Economy 2.0 Microeconomics @ CORE Econ
Cognitive Psychology
Psychology
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In a market where the production of a good generates a significant positive externality, the quantity produced by private firms operating in their own self-interest will be equal to the socially optimal quantity.
When the production or consumption of a good creates a benefit for a third party not involved in the transaction, the market will tend to produce a quantity that is ________ than the amount considered ideal for society as a whole.