Examlex
A single algal species competes for a required resource,silicate.As the number of individuals increases,there is less silicate available for the original individuals.This is an example of:
Marginal Decision Maker
is an individual or entity that makes choices based on the additional cost or benefit of the next unit of consumption or production.
Comparative Advantage
The ability of an entity to produce a good or offer a service at a lower opportunity cost than others, leading to more efficient trade.
Opportunity Cost
The value of the next best alternative forgone as a result of making a decision to pursue a certain action.
Absolute Advantage
The ability of an entity to produce more of a good or service with the same amount of resources, or the same amount of a good or service with fewer resources, than competitors.
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