Examlex
The _____ effect pertains to situations in which we tend to overestimate the commonality of our _____ behaviors.
Economic Profit
The difference between total revenue and the total opportunity costs (both explicit and implicit) of all resources used.
Productive Efficiency
A situation where goods and services are produced at the lowest possible cost and resources are utilized most effectively.
Allocative Efficiency
A state of resource allocation where goods and services are distributed according to consumer preferences and in a way that maximizes social welfare.
Marginal Cost
The uptick in cost associated with producing an extra unit of a product or service.
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