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A robin is feeding at a bird feeder.A second robin arrives, and the first robin chases the second one away.While the first robin is distracted by the chase, a blue jay arrives at the feeder and starts feeding.The interaction between the first and second robins is _______ competition, and that between the blue jay and the first robin is _______ competition.
Economic Profits
The variance between total income and the aggregate of explicit and implicit costs for a business.
General Equilibrium
A state in an economy where all markets are in equilibrium simultaneously, and the decisions of consumers and producers are perfectly coordinated.
Pareto Efficiency
An economic state where resources are allocated in a way that it is impossible to make one individual better off without making another individual worse off.
Simultaneous Equilibrium
A situation in which multiple markets or economic variables reach equilibrium at the same time, with interdependencies considered.
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