Examlex
By what factor is the light-collecting power of the James Webb Space Telescope (6.6 m primary mirror) greater than the light-collecting power of the Hubble Space Telescope (2.4 m primary mirror) ?
Negative Externality
A cost experienced by a third party not involved in the economic transaction, such as pollution affecting residents near a factory.
Spillover Cost
A cost incurred by someone who did not choose to incur that cost.
Allocative Efficiency
A state of the market where resources are allocated in a way that maximizes the net benefit to society.
Productive Efficiency
Productive efficiency occurs when an economy is operating at its maximum capacity, producing goods and services at the lowest possible cost per unit.
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