Examlex
Describe why cities are generally warmer than surrounding rural areas.
Minimum
The lowest allowable or possible amount, level, or number in a given set of circumstances.
Allocative Efficiency
Refers to a state in which resources are distributed in a way that maximizes the net benefit to society, ensuring that goods and services are produced at the right quantities to meet consumer preferences.
Long-run Equilibrium
A state in which all factors of production are optimally distributed meeting the demands of consumers; also, a point where economic forces such as supply and demand are balanced.
Marginal Cost
The change in total cost that arises when the quantity produced is incremented by one unit.
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