Examlex
What did Edward Tolman's studies on rats that developed cognitive maps show?
Perfect Competition
A theoretical market structure characterized by infinite buyers and sellers, homogeneous products, and perfect information, leading to an optimal allocation of resources.
Public Ownership
The ownership of assets by the government or state, as opposed to private sector ownership, often found in utilities, transportation, and certain industries.
Total Surplus
The total net gain for society from producing and consuming a good, encapsulated by the addition of consumer surplus and producer surplus.
Profit Maximization
The technique a firm applies to set the price and production level for the best profit return.
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