Examlex
A car starts with a speed of 50 m/s and goes a distance of 1000 m in 10.0 s.What is its average acceleration?
Principle of Second Best
An economic theory that suggests when a condition for a perfect market cannot be met, the next-best solution may involve violating another condition to improve efficiency.
Distortionary Tax
A tax that causes people to alter their behavior and make different economic decisions than they would in a free market, potentially leading to inefficiency.
Efficiency
The extent to which resources are utilized optimally to achieve desired outcomes with minimum waste or effort.
Second Best
A concept in economics that suggests if all optimal conditions cannot be satisfied, the second-best option should be pursued.
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