Examlex
Which of the following is not a characteristic of a well-designed service system?
Welfare Economics
Normative evaluation of markets and economic policy.
Equilibrium
A state in which market supply and demand balance each other, resulting in stable prices and quantities.
Efficient
Refers to a level of performance that uses the least amount of inputs to achieve the highest amount of output.
Utility Possibilities Frontier
A curve that shows the maximum feasible amount of two goods that can be produced with available resources and technology, indicating the trade-offs and efficiency in production.
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