Examlex
The domestic powers of the president are defined as the president's authority to
Efficient Level
The point at which a system operates at maximum capacity without waste, producing optimal output with the lowest input.
Profit-Maximizing
A strategy or process used by firms to determine the output level and pricing that yields the highest possible profit.
Negative Externality
An adverse effect on a third party not directly involved in an economic transaction, often leading to market failure if not properly addressed.
Marginal Social Cost
The additional cost to society as a whole of producing one more unit of a good or service, including both private and external costs.
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