Examlex
The following table gives coordinates of a particle moving through space along a smooth curve.
Find the average velocity over the time interval [1, 2].
Private Goods
Goods that are excludable and rival in consumption, meaning their use is limited to paying customers and one person's use of the good prevents another's use of it.
Prices
The sum of money needed to buy a product or service.
Efficient Allocation
The optimal distribution of resources in an economy, where resources are utilized in a manner that maximizes societal welfare without any wastage.
Rival in Consumption
A characteristic of a good whereby one person's consumption reduces the availability of the good for another person.
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