Examlex
A track is built whose height as a function of horizontal position x is given by (h and x,both in meters) .If a marble is placed on this track,find the position closest to the axis where it will be in equilibrium.
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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