Examlex
What does the labour-force participation rate measure?
Inferior Good
A good or service whose consumption declines as income rises, prices held constant.
Constant Costs
Costs that remain unchanged regardless of the level of production or activity.
Long-Run Equilibrium
A state in which all firms in a market are making zero economic profit, with no firm having an incentive to enter or exit the industry.
Allocative Efficiency
An economic state where resources are allocated in a way that maximizes the overall utility to society, ensuring that the goods and services produced match consumer preferences.
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