Examlex
The literal definition of a word is called its:
Optimal Allocation
The most efficient distribution of resources in a manner that maximizes the net benefit received from their use.
Scarce Resources
Natural or economic resources that are limited in supply compared to the demand for them.
Long-run Equilibrium
Long-run equilibrium occurs when all firms in a market or industry are producing at their most efficient level, with no incentive to enter or exit the market.
Purely Competitive
A market structure characterized by many buyers and sellers, where each has negligible impact on market price.
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