Examlex
The length of a table is 18 inches more than its width. If the area of the table is 3055 square inches, what is its length?
Equilibrium
Equilibrium represents a state of balance where there is no net tendency for change, often used to describe the point at which market supply and demand balances each other.
External Benefits
Positive effects that an activity or transaction has on individuals or entities who are not directly involved in the activity, often justifying government intervention or subsidies.
Allocative Efficiency
A state of resource allocation where resources are distributed according to consumer preferences, leading to optimal production levels and pricing.
Corrective Tax
A tax designed to encourage private decision makers to take into account the social costs that arise from a negative externality.
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