Examlex
Describe the distinction between closed and open systems.
Fair-Return Price
For natural monopolies subject to rate (price) regulation, the price that would allow the regulated monopoly to earn a normal profit; a price equal to average total cost.
Allocatively Efficient
A state of resource allocation in which it is impossible to make any one individual better off without making someone else worse off.
Socially Optimal Price
The price of a good or service that reflects the external costs and benefits to society, aiming to achieve the most efficient allocation of resources.
Big Data
Extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.
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