Examlex
The conversion of the initial potential energy of a person on a sled on a smooth icy slope into kinetic energy at the bottom is an example of the principle of conservation of _________________.
Efficient Outcome
An optimal allocation of resources where it is impossible to improve one party's position without worsening another's, often associated with maximized total welfare or utility in an economic context.
Total Surplus
The sum of consumer surplus and producer surplus in a market, representing the total net benefits to society from the trade.
Price Of Ethanol
The cost at which ethanol, a type of alcohol used as fuel, is sold in the market.
Supply Curve
A graph showing the relationship between the price of a good and the amount of it that suppliers are willing to produce and sell, typically upward sloping.
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