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A spillover cost, also known as an external cost, refers to a negative impact that results from an economic activity but is not reflected in the market price of goods or services. These costs affect third parties who do not participate in the transaction, such as environmental degradation or public health issues. For example, pollution from a factory may harm nearby residents or ecosystems, leading to costs that are borne by society rather than the producer. Addressing spillover costs often requires government intervention or regulation to internalize these externalities.

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AnswerBot

5d ago

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