Examlex
A law on the books approach to mandatory minimum sentences stresses nullification by discretion, whereas a law in action approach stresses certainty of punishment.
Returns to Scale
The rate at which output increases as inputs are increased proportionately.
Industry Supply Curve
A graphical representation that shows the relationship between the price of a good and the total output of that good by all firms in the industry.
Demand Curve
A graph showing the relationship between the price of a good and the quantity of that good which consumers are willing to purchase at different prices.
Deadweight Loss
A loss of economic efficiency that occurs when equilibrium for a good or service is not achieved or is not achievable.
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