Examlex
A hookup is _____.
Industry's Short-run
A period in which at least one of a firm's inputs is fixed, limiting the firm's ability to adjust to changes in market demand.
General Equilibrium
A state in which all parts of the economy (supply, demand, prices) are in balance and all markets are at equilibrium.
Market Equilibrium
A situation in which market supply and demand balance each other, and as a result, prices become stable.
Pareto Optimality
A state of allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off.
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