Examlex
From 2010 to 2011, nation A's real GDP increased from $100 billion to $106 billion and its population grew from 50 million to 51 million. Its annual growth rate in real GDP per capita was approximately _____%.
Quantity Of Output
The total amount of goods or services produced by a firm or economy within a specific period.
Deadweight Loss
A loss of economic efficiency that can occur when the free market equilibrium is not achieved due to market failures or interventions.
Marginal Cost Curve
A graphical representation showing how the cost to produce one additional unit of output varies with the level of production.
Marginal Revenue Curve
A visual representation that shows the additional revenue generated by selling one more unit of a good or service.
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