Examlex
If one producer is able to produce a good at a lower opportunity cost than some other producer, then the producer with the lower opportunity cost is said to have an absolute advantage in the production of that good.
Absolute Values
A number's distance from zero on the number line, disregarding its direction; always a non-negative value.
Favorite Bundle
The combination of goods or services that maximizes an individual's utility given their budget constraints.
Convex Preferences
A consumer preference pattern indicating a desire for mixed bundles of goods over extreme bundles, illustrating a preference for diversification.
Commodity Bundle
A specific collection of goods or services that is considered as a single unit for analytical purposes in microeconomics.
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Q527: An outcome is said to be efficient
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