Examlex
Suppose that the times required for a cable company to fix cable problems in its customers' homes are uniformly distributed between 40 minutes and 65 minutes
-What is the probability that a randomly selected cable repair visit will take at least 50 minutes?
Private Bargaining
The process through which individual parties negotiate terms and conditions exclusively among themselves without the intervention of external regulations.
Efficient Outcome
An optimal allocation of resources that results in the highest possible satisfaction or utility with the least waste or inefficiency.
Externality
A consequence of an industrial or commercial activity which affects other parties without this being reflected in market prices.
Property Rights
Legal rights to use, control, and benefit from a resource.
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