The meaning of marginal cost and marginal benefit vary depending on which context they are
used in. For example, to a business, marginal cost is the cost of producing one more of a particular good.
The marginal cost of producing an item might be $5.00, bu
Reflection Assignment Chpt. 1-2
The video about Comparative advantage and gains from trade (part 1 and part 2) gave
examples of absolute and comparative advantages. This was done by comparing the amoun
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The reflection video for chapter eight spoke about negative and positive
externalities. The video states that negative externalities occur when these
products are over produced and over consumed. These products are over
consumed because of external costs.