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The age of fossils can be determined by radiometric dating. Match the following terms with the best descriptions. Note that all options may not be used.
-This is the time it takes for half of a quantity of any radioisotope to decay.
Efficient Equilibrium
A state of balance in a market where resources are allocated in the most efficient way possible, with no room for welfare improvement without making someone else worse off.
Relative Price
The price of one good or service compared to another, usually indicating how much of one can be exchanged for the other.
Economic Outcome
The result of economic activities, often measured by metrics such as GDP growth, unemployment rates, and inflation.
Marginal Rate Of Technical Substitution
The rate at which one input can be reduced per additional unit of another input, while maintaining the same level of output.
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