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The term which describes the individual use of products that can lead to externalities is "consumption externalities."
<h3>What is consumption externalities?</h3>
There may be possible costs and advantages experienced by other parties who were not engaged in a transaction that when an individual investor or party engages in some transaction, such as using a good or service. They are referred to as externalities.
There are two types of externalities, which are-
- The positive externality is really an unintended advantage gained by a third party as a result of the creation or use of a commodity by another party. Positive externalities show that the societal advantages of creating or consuming products outweigh the individual advantages to third parties.
- The negative externality would be an indirect expense incurred by a third party as a result of the creation or use of a product by another party. Negative externalities show that the societal costs are greater than the private costs to third parties.
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A statistic is a measure that summarizes a particular characteristic of an entire group of numbers.
Statistics is considered the universal language of the sciences which involves information, numbers, visual graphics in order to summarize information and its interpretation.
Statistics is the science of collecting, interpreting, and describing data. A statistic is any quantity computed from values in a sample which is considered for a statistical purpose.
Statistical measures are a descriptive analysis technique which is used to summaries the characteristics of a data set. This data set represent the whole population or a sample of it.
Hence, a statistic measure summarizes a particular characteristic of an entire group of numbers.
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Answer:
C. Value for price paid
Explanation:
The quality of goods are measured with the usefullness of the goods to the consumer and how much he is willing is pay for the product is etermined by the utility of goods to the consumer. Higher amount is paid for the goods, which has higher utility to the consumer and it also define quality to the consumer. Price and utility of product remain the main determinant for the quality.
Value of price paid is determined by utility or usefulness of the product for each dollar paid to buy it.
