Examlex
Which of the following are evidence for an asteroid impact being the cause of the extinction of the dinosaurs 65 million years ago (as well as 75% of all species alive at the time) ?
Productive Efficiency
A situation where a good or service is produced at the lowest possible cost.
Allocative Efficiency
A state of the economy in which resources are allocated in a way that maximizes the total benefit to society.
Collusive Oligopoly
A market structure where a few firms dominating the market agree to set prices or output levels, reducing competition and maximizing collective profits.
Limit Pricing
A strategy where a firm sets the price of its products low enough to discourage new competitors from entering the market.
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