Examlex
Because of their close-knit structure and separation from modernization, the Old Order Amish have been able to resist all change that has challenged the core values of their community.
Output Units
The quantity of goods or services produced by a company or an economy.
Allocative Inefficiency
Occurs when resources in an economy are not allocated optimally, leading to outcomes where it is possible to improve someone's well-being without worsening others'.
Profit-Maximizing
A strategy or process employed by businesses to determine the price and output level that generates the most profit.
Monopoly
A market structure characterized by (1) a single seller of a well-defined product for which there are no good substitutes and (2) high barriers to the entry of any other firms into the market for that product.
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