Examlex
What has prevented electronically controlled steering "steer-by-wire" systems from gaining a foothold in the automotive industry?
General Equilibrium
A state in which all markets in an economy are in simultaneous equilibrium, taking into account the interactions between different markets.
Consumer Preference
The tendencies of consumers to favor certain products or services over others based on personal tastes, values, and experiences.
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, stabilizing the market.
Efficiency
A measure of how well resources are used to achieve a goal, typically minimizing waste and cost while maximizing output or outcomes.
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