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Talk about:
-Pico della Mirandola's Oration
Output Units
The quantity of goods or services produced by a company or an economy.
Allocative Inefficiency
Occurs when resources in an economy are not allocated optimally, leading to outcomes where it is possible to improve someone's well-being without worsening others'.
Profit-Maximizing
A strategy or process employed by businesses to determine the price and output level that generates the most profit.
Monopoly
A market structure characterized by (1) a single seller of a well-defined product for which there are no good substitutes and (2) high barriers to the entry of any other firms into the market for that product.
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