Examlex
Differentiation occurs only in multicellular organisms.
Efficient Allocation
An optimal distribution of resources in an economy, where goods and services are distributed according to consumer preferences with minimal waste.
Marginal Rate
A measure or rate of change of a variable (such as cost or benefit) as a result of a unit change in another variable.
Utility Function
A utility function is a mathematical representation of a consumer's preference structure, showing how different bundles of goods and services translate into levels of satisfaction or utility.
Exchange Equilibrium
Exchange equilibrium refers to a state in a market where the supply of goods is equal to the demand for goods, resulting in no excess supply or demand.
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