The benefit enjoyed by or cost imposed on a third party that is not directly involved in the production or consumption of a good or service is called a(n)

A(n) good or service is used to build or make another product that will be subsequently sold.

A(n) good or service is the one that is sold to the end user and is not used to produce another product for subsequent sale.

The costs or benefits of a market activity that affect a third party are calledGroup of answer choices

If the social benefit of consuming a good or a service exceeds the private benefit,Group of answer choicesthe market achieves economic efficiency.a negative externality exists.a positive externality exists.the sum of consumer surplus and producer surplus is maximised.

The overall sacrifice a consumer makes to acquire a product or service is known as .