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Where ungrounded conductors are increased in size from the minimum size that has sufficient ampacity for the intended installation, wire-type, equipment grounding conductors (where installed) shall be increased in size ____, according to the circular mil area of the ungrounded conductors.
Economic Profit
The difference between total revenue and the total opportunity costs (both explicit and implicit) of all resources used.
Productive Efficiency
A situation where goods and services are produced at the lowest possible cost and resources are utilized most effectively.
Allocative Efficiency
A state of resource allocation where goods and services are distributed according to consumer preferences and in a way that maximizes social welfare.
Marginal Cost
The uptick in cost associated with producing an extra unit of a product or service.
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