Examlex
Briefly explain what happens when you undergo dark adaptation by explaining why, when you enter a dark room after being in a very bright light, you cannot see anything for approximately 10 minutes and are unable to see things clearly for 30 minutes.
Increasing Returns To Scale
A situation in production where an increase in the scale of inputs leads to a more than proportional increase in output.
Weak Axiom
In consumer theory, it refers to the consistency of consumer choice behavior under the assumption of non-increasing preferences.
Profit-maximizing Behavior
An economic principle where businesses seek to achieve the highest possible profit from their operations.
Short-run Production Function
The short-run production function describes the relationship between input and output levels when at least one input (like capital) is fixed and cannot be changed immediately.
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