Examlex
A community has five voters who are interested in only one issue: the government's spending on local parks.If Anthony would like the government to spend $12,000 on parks,Bob prefers $7,000,Carey prefers $4,000,Diane prefers $2,000,and Elaine prefers $0,how much spending would a politician seeking to win the election select when running against one opponent?
Smuggled
Refers to the act of moving goods illegally into or out of a country, bypassing customs regulations and taxes.
Production Function
A model in mathematics that delineates how production inputs are related to the output generated.
Long-run
A period of time in which all factors of production and costs are variable, allowing companies to adjust all inputs.
Industry Supply Curve
A graphical curve that shows the total quantity of a good that producers in an industry are willing and able to supply at different price levels.
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