Examlex
In general, fuses are rarely selected for protection of high voltage circuits because they are more expensive than other types of protection.
Efficient Outcome
An economic situation in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.
Government Intervention
Actions taken by a government to affect the economy, which can include regulation, subsidies, tariffs, and other mechanisms.
Externalities
Economic side effects or consequences of an industrial or commercial activity that affect other parties without being reflected in the costs of the goods or services involved.
Coase Theorem
A principle that asserts if property rights are clearly defined and transaction costs are low, private negotiations will lead to the efficient resolution of disputes over the allocation of resources.
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