Economists Use the Term ______ to Refer to a Situation

question 159

Short Answer

Economists use the term ______ to refer to a situation in which the market on its own fails to produce an efficient allocation of resources.

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Definitions:

Learning Curve Analysis

Examination of how the time to perform a task decreases with increasing repetitions, due to workers gaining efficiency.

Tasks Repeated

Activities or duties that are performed again, either to achieve perfection, necessity, or due to the cyclical nature of the process.

Learning Curve

A graphical representation that shows how learning or gaining experience increases efficiency or performance over time.

Polar Coordinate

A coordinate system where each point on a plane is determined by an angle and a distance from a fixed point, called the pole.