Examlex
When neutron stars were first predicted theoretically, no scientist expected to be able to detect one of them across interstellar distances. What enabled astronomers to find neutron stars in the late 1960's?
Marginal Cost
The cost added by producing one extra item of a product. It's a critical concept in economics for determining the optimum production level.
Supply-Side Market Failures
Overallocations of resources that occur when private supply curves understate the full cost of producing a good or service.
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity of that good that consumers are willing and able to purchase at various prices.
Supply Curve
A graphical representation showing the relationship between the price of a good or service and the quantity that suppliers are willing to offer for sale at that price.
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