Examlex
An elongated area of depressed air in the upper atmosphere that is typically associated with cloudy skies and rain is a(n)
External Benefit
A benefit that results from an activity but affects uninvolved third parties who did not choose to incur that effect, often leading to market inefficiencies.
Inefficient Equilibrium
A state in a market where resources are not allocated optimally, leading to wastage or loss of potential gain.
Price and Quantity
The relationship between the price of an item and how much of that item is available or demanded at that price point.
Government Licensing
The requirement of official permission or a permit from a government authority to legally perform certain activities, operate a business, or practice a profession.
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