Examlex
The use of a proxy measure to communicate information about unobservable characteristics to the uninformed side of the market is called _____
Private Good
A product or service that is consumed by an individual without providing any benefit to others, characterized by its excludability and rivalry in consumption.
Economic Efficiency
The optimal allocation of resources to maximize output or outcomes without waste.
Economic Efficiency
Economic efficiency occurs when the allocation of resources maximizes the total net benefit received by all individuals in the economy.
Constitutional Rules
The fundamental principles and established precedents according to which a state or other organization is governed.
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