Examlex
The concept that in a democracy the government should listen to what most people want is known as which of the following?
Value of Resources
The worth placed on natural, human, and capital assets based on their utility in producing goods and services.
Long Run
A period of time in economic analysis where all factors of production and costs are variable, allowing for full adjustment to change.
Average Cost Curve
A graphical representation that shows the cost per unit of output at different levels of production.
Marginal Cost
The extra expense associated with manufacturing an additional unit of a good or service.
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