Examlex
A decrease in aggregate demand results in a(n) ________ in the ________.
Productive Efficiency
A situation where an economy or a production entity cannot produce more of one good without sacrificing production of another good and by using the least costly production techniques.
Long-Run Adjustments
The process by which firms adjust their production levels, input mixes, and operations to reflect changes in the market or economic conditions over a longer period.
Allocative Efficiency
A state of the economy in which production represents consumer preferences; in other words, every good or service is produced up to the point where the last unit provides a utility level equal to the cost of producing it.
Marginal Benefit
The incremental enjoyment or advantage received from the consumption or creation of one more unit of a good or service.
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