Examlex
Schleiden and Schwann were the first scientists to see cells.
Allocative Efficiency
A state of the economy in which production represents consumer preferences; every good or service is produced up to the point where the last unit provides a marginal benefit equal to its marginal cost of production.
Productive Efficiency
A situation in which an economy or entity can no longer produce additional amounts of a good without lowering the production level of another product.
Substitute Goods
Products or services that can be used in place of each other, having a positive cross-elasticity of demand.
Productive Efficiency
A situation in which a good or service is produced at the lowest possible cost.
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