Examlex
The first organisms thought to have evolved a primitive brain in conjunction with a peripheral nervous system are _______.
Consumer Surplus
The disparity between the amount consumers are prepared to spend on a product or service and the amount they end up paying, indicating the advantage to consumers.
Allocative Efficiency
A state of the economy in which the distribution of resources among different uses is optimized, leading to an optimal level of consumer satisfaction.
Productive Efficiency
A situation in which an economy or entity is operating at maximum capacity, producing goods or services at the lowest possible cost.
Long-Run Equilibrium
A state in economics where all factors of production and outputs in an industry or market adjust fully to any changes, leading to a stable condition where no participant has an incentive to change behavior.
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