Examlex
Research on the cortical representation of temperature has suggested that nonpainful tempera- ture sensations are represented on the cortex.
Social Optimum
A state in which resources are allocated in the most efficient way from the perspective of society as a whole.
Economic Efficiency
A state where all resources in an economy are optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.
Transaction Cost
Expenses incurred when buying or selling goods or services, including fees, taxes, and other charges.
Externality Problem
A situation in which a third party is affected by the consequences of a transaction or activity between others, either positively or negatively.
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