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When the Price System Fails to Generate an Efficient Allocation

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When the price system fails to generate an efficient allocation of resources


Definitions:

Aprons

Protective garments worn to keep clothes clean during cooking or other activities.

Annual Salary

The total amount of money earned by an employee in a year, not including bonuses or other extra payments.

Direct Deposit

Payroll or other types of checks that are directly and electronically deposited into a bank account.

Gross Pay

The total amount of an employee's earnings before any deductions are made, such as taxes and retirement contributions.

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