Examlex
The effects of modeling and imitation underlie
Welfare Economics
Welfare Economics is a branch of economics that focuses on the optimal allocation of resources and goods to maximize the social welfare or well-being of the community.
Efficient Allocation
An optimal distribution of resources in an economy, where goods and services are distributed according to consumer preferences with minimal waste.
Marginal Rate
A measure or rate of change of a variable (such as cost or benefit) as a result of a unit change in another variable.
Utility Function
A utility function is a mathematical representation of a consumer's preference structure, showing how different bundles of goods and services translate into levels of satisfaction or utility.
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