Examlex
Simon's theory of bounded rationality asserts that people frequently make
Underallocates Resources
A situation where resources are not distributed efficiently, leading to potential waste and underproduction.
Demand Curve
A graph representing the relationship between the price of a good and the quantity demanded by consumers at various prices.
Normal Profits
The minimum profit necessary for a company to remain competitive in the market, often equated to the opportunity cost of capital.
Allocative Efficiency
A state of the economy where resources are allocated in a way that maximizes the overall benefit to society.
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