Examlex
Which of the following equations is INCORRECT?
Endowment
In economics, the total resources available to an individual or entity, including assets, income, and inherited resources.
Net Demand
The difference between total market demand and market supply, representing the excess demand or shortage in the market.
Utility Function
An economic concept expressing how different combinations of goods or services yield different levels of utility or satisfaction to an individual.
Endowment
The initial allocation of income, goods, or resources that individuals or firms possess in an economy, often impacting their trading capabilities and outcomes in markets.
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