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A lamp emits light of frequency 5 * 1015 Hz at a power of 25 W and Planck's constant is 6.6 * 10-34 J·s.The number of photons given off per second is
Price Leadership
A market strategy where one leading company sets the price of goods or services, and other companies in the sector follow suit.
Covert Collusion
An implicit, non-public agreement between firms to fix prices, limit production, or divide markets, without explicit communication.
Allocative Efficiency
A state of the economy where resources are allocated in a way that maximizes the overall benefit to society.
Productive Efficiency
Occurs when a good or service is produced at the lowest possible cost, utilizing all resources efficiently.
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