Examlex
After conducting a marketing study to see what consumers thought about a new tinted contact lens they were developing, an eyewear company reported, "Consumer satisfaction is strongly correlated with eye color." Comment on this observation.
Equilibrium
The condition that exists when quantity supplied and quantity demanded are equal. At equilibrium, there is no tendency for price to change.
Incentive
A factor, often financial, that motivates individuals or organizations to perform certain actions or behave in a desired way.
Long Run
A period in economics sufficient for all adjustments to be made, including physical capital and not just prices.
Licenses
Official permits to own or do something, typically issued by a government authority.
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