Marginal Social Benefit (MSB): Marginal social benefit refers to the additional benefit society gains from consuming one more unit of a good or service.
Marginal Social Cost (MSC): Marginal social cost refers to the additional cost imposed on society from producing one more unit of a good or service.
Deadweight Loss: Deadweight loss represents the inefficiency in resource allocation caused by market distortions such as taxes or monopolies. It occurs when there is a reduction in consumer surplus and producer surplus due to market failure.