Examlex
Given a decrease in the real interest rate,the substitution effect will be ________ for lenders and ________ for borrowers.
Willingness To Pay
The greatest sum a consumer is ready to spend for a good or service, showcasing the importance they assign to it.
External Cost
Costs that are not borne by the producers or users of a good or service, but rather by society or third parties, often not reflected in market prices.
Social Optimum
The most efficient allocation of resources that maximizes the overall benefit to society.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to sell.
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