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Two technicians are discussing the purpose of OBD-II compliant systems for automotive diesel engines. Technician A says that an OBD-II compliant system is designed to identify or self-diagnose emission-related faults and report fault codes. Technician B says the OBD-II rules are set up to enable drivers to have emissions problems repaired quickly and easily. Who is correct?
Competitive Equilibrium
A state in a competitive market where supply equals demand, and the market clears at a price where no participant has an incentive to change their behavior.
Total Value
The complete worth of a good, service, asset, or investment, often taking into account both tangible and intangible factors.
Utility Function
A mathematical representation that shows the relationship between the overall satisfaction or happiness a person derives from consuming different bundles of goods and services.
Pareto Optimal
An allocation scenario where it is impracticable to enhance the situation of any entity or preference measure without causing a decline for at least one other entity or benchmark.
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