Examlex
An important feature of the Carnot cycle is that
Demand Equals Supply
An economic condition where the quantity demanded by consumers matches the quantity supplied by producers, leading to market equilibrium.
Numeraire
A standard unit of measurement in economics used to represent prices or values of other goods in terms of this unit.
Utility Function
A mathematical representation that attaches a level of utility (satisfaction) to each possible basket of goods, allowing the ranking of these baskets from least to most preferred.
Edgeworth Box
A diagram used in economics to show various distributions of resources and to analyze competitive equilibria between two agents with fixed resources.
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