Examlex
What is the common name for the following compound?
Allocative Efficiency
A state of resource allocation where it is impossible to make any one individual better off without making at least one individual worse off.
Productive Efficiency
A condition in which an economy or entity is utilizing all its resources efficiently, producing maximum output for a given set of inputs without waste.
Demand (D)
The quantity of a good or service that consumers are willing and able to purchase at various prices during a certain period of time.
Supply (S)
The total amount of a good or service that is available for purchase at any given price level in a market.
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