Examlex
What is minimum efficient scale? What is likely to happen in the long run to firms that do not reach minimum efficient scale?
Pareto Optimal
A condition of resource allocation in which it is impossible to make any one individual better off without making someone else worse off, signifying an efficient distribution of resources.
Competitive Equilibrium Price
The market price where the quantity of goods supplied is equal to the quantity of goods demanded, effectively clearing the market.
Utility Function
A mathematical representation of how different quantities of goods or services are ranked according to their desirability for a consumer.
Initial Endowment
The initial distribution of income, wealth, or resources that individuals or organizations possess before entering into any market transactions.
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