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A nearsighted person cannot see objects beyond 80 cm from his eyes. Which one of the following combinations represents the correct focal length and the refractive power of the contact lenses that will enable him to see the distant objects clearly?
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.
Productive Efficiency
A point at which an economy operates at the lowest possible cost by utilizing all of its resources efficiently.
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