Examlex
What are some of the qualities that define psychological literacy?
Marginal Cost
The cost added by producing one extra unit of a product or service.
Output Effect
The change in total revenue resulting from selling more units at a lower price, in the context of price elasticity of demand.
Socially Efficient
An allocation of resources is considered socially efficient if it cannot be reallocated in a way that improves the wellbeing of one individual without worsening the situation of another.
Collude
To collaborate secretly and illegally with others with the aim of deceiving or obtaining an unfair benefit.
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