Examlex
Let , for constants a, b, c, and d, with .
The constants can be chosen in such a way that f will have a local minimum.
Partial Equilibrium Analysis
An economic analysis that considers the equilibrium in a single market or industry without taking into account the effects from other markets or industries.
General Equilibrium
An economic state where supply and demand are balanced across all markets in the economy simultaneously.
Continuous Demand
Demand for a good or service that can be quantified at every level of production or price, without any gaps.
First Theorem of Welfare Economics
A principle stating that under certain conditions, a market in equilibrium will allocate resources efficiently in a way that maximizes total social welfare.
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