Examlex
What is the principle of similarity?
Marginal Rate
The rate of change in a quantity or cost in response to a one-unit change in another variable.
Production Possibilities Frontier
A curve depicting all maximum output possibilities for two goods, given a set of inputs.
Utility
In economics, it represents a measure of satisfaction or happiness that consumers derive from the consumption of goods and services.
Efficient
The optimal allocation of resources to maximize the production of goods and services without wasting those resources.
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