Examlex
If income rises and the demand for a product remains unchanged, the income elasticity of demand for that product is unit elastic.
Deadweight Loss
The loss of economic efficiency that can occur when the equilibrium for a good or service is not achieved or is not achievable.
Marginal Cost
The boost in comprehensive expenditure that comes from the generation of one more unit of a product or service.
Socially Efficient
A situation in which an allocation of resources maximizes total social welfare, taking into account both the benefits and costs to society as a whole.
Marginal Costs
The increase in cost due to the production of an extra unit of a product or service.
Q15: Someone once said that Chevrolet is so
Q19: Differences in the opportunity cost of time
Q39: The golden rule of profit maximization states
Q63: The law of diminishing marginal returns explains
Q84: Comparative advantage is based on opportunity costs.
Q86: Table 7.3 shows the number of workers
Q87: Total utility is the:<br>A)sum of all marginal
Q118: It is difficult to exclude individuals from
Q133: Which of these is likely to increase
Q174: If one euro exchanges for $1.12, then