Examlex
If Alice came to class wearing a soiled and torn blouse, she would be violating a ________. But if Alice came to class not wearing a blouse (or any other garment) , she would be violating a ________.
Supply Curve
A graphical representation of the relationship between the price of a good and the quantity of the good that suppliers are willing and able to sell.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at various prices.
Externality Problem
A situation where the actions of individuals or firms result in costs or benefits to others that are not reflected in the market prices.
Subsidy
A financial contribution provided by government to reduce the cost of producing goods or services and support businesses or consumers.
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