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Briefly and concisely define the following terms and explain their importance in the study of economics.
a)excess capacity theorem
b)price leadership
c)kinked demand curve
d)perfectly contestable market
Mental Age
A measure of an individual's cognitive ability compared to the average cognitive ability of an age group.
Chronological Age
The actual age of a person or thing, measured in years from the date of birth or inception.
Intelligence Quotient
A measure of a person's cognitive abilities in relation to their age group, typically assessed through standardized tests.
Intelligence Tests
Standardized assessments designed to measure human intelligence and cognitive abilities.
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