Examlex
Vague laws fail to give fair warning to individuals and law enforcement as to what conduct is lawful.
Optimal Mix
The combination of goods and services that maximizes society's welfare, considering individuals' preferences and resource constraints.
X-Inefficiency
The difference between efficient behavior of businesses assumed or required by economic theory and their observed behavior in reality, often as a result of a lack of competitive pressure.
Winner-Takes-All Market
A market in which the dominant player captures almost all of the market share and benefits, leaving very little for other competitors.
Marginal Revenue Product
Incremental income earned by utilizing one more unit of a resource, like labor or capital.
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