Examlex
In Canada, what is the name of the highest-ranking official appointed by the Crown to lead the political executive at the federal level?
Utility-maximizing
The economic principle that individuals or firms seek to get the highest satisfaction or profit from their resources and choices.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price level in a market.
Law of Diminishing
The principle that states that as one input variable is incrementally increased, there will be a point at which the added output per unit of input will start to decrease, holding all other inputs constant.
Price-elasticity
A measure of how much the quantity demanded or supplied of a good responds to a change in its price.
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