Examlex
What is meant by a "self-fulfilling prophecy" in social perception and behavior? Explain why this effect occurs and give an example.
Externalities
Economic side effects or consequences that affect uninvolved third parties; can be either positive or negative.
Market Prices
The current price at which a good or service can be bought or sold in a market.
Efficient Level
The efficient level refers to a state of resource allocation where it is impossible to improve the situation of one party without worsening the situation of another, often associated with maximizing output without wasting resources.
Output
The total amount of goods or services produced by a firm or country.
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