Examlex
Using Taylor rule, the federal funds rate is increased or decreased according to what is happening to both real GDP and inflation.
Efficiency
The extent to which time, effort, or cost is well-used for the intended task or purpose.
Total Cost Function
An equation that represents the total cost incurred by a firm in the production of goods or services, as a function of output level.
Inverse Demand
A representation of demand in economics where the price of a good is expressed as a function of the quantity demanded.
Patent
A legal right granted to an inventor, giving them exclusive rights to manufacture, use, or sell their invention for a certain period of time.
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