Examlex
What part of the following description is INCORRECT? Contraction of the diaphragm and external intercostal muscles leads to increased volume in the thoracic cavity and the lungs. The increase in volume leads to an increase in intrapulmonary pressure causing air to move into
The lungs.
Externalities
Financial consequences for unrelated third parties, which can manifest as either positive or negative effects.
Perfectly Competitive
Describes a market structure where many firms sell identical products, there are no barriers to entry, and no single buyer or seller can influence the market price.
Allocate Resources
The process of distributing available resources, such as labor, capital, and land, among various uses to fulfill societal needs and wants.
Consumer Surplus
The deviation between the monetary amount consumers are willing to pay for a good or service and the monetary amount they actually pay.
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