Examlex
As the administrative manager in a law office, you have been asked to develop a system for evaluating the productivity of the 15 lawyers in the office. What difficulties are you going to have in doing this, and how are you going to overcome them?
Input Prices
The costs of raw materials and components required to produce a good or service.
Allocative Efficiency
Occurs when resources are distributed in a way that maximizes the net benefit to society.
Consumer Surplus
The difference between the maximum price a consumer is (or consumers are) willing to pay for an additional unit of a product and its market price; the triangular area below the demand curve and above the market price.
Net Benefit
Net benefit refers to the total positive effects or advantages of a decision or action, minus any costs or negative effects associated with it.
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