Examlex
The just noticeable difference in a price is the amount of price increase that can be taken without affecting customer demand.
Efficiently
Performing or functioning in the best possible manner with the least waste of time and effort, ensuring productivity and effectiveness.
Total Output
The aggregate quantity of goods or services produced by an economy, sector, or firm within a given period.
Specialize
Focus on a specific area of expertise or production to achieve greater efficiency.
Production Possibilities
A curve representing all possible combinations of maximum outputs that could be produced with a fixed amount of resources.
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