Examlex
Real GDP is the same as _____ GDP.
Unit Of Output
The measure of the quantity of a product or service produced by a firm, industry, or economic sector.
Competitive Industry
An industry in which no single firm has the power to influence the price of its product; there are many sellers and buyers, and products are largely homogeneous.
Limited Supply
A condition where the availability of a particular good is restricted in the market, often leading to increased prices.
Production Efficiency
A state in which the economy or a production process can no longer produce additional amounts of a good without lowering the production level of another product.
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