Examlex
What type of device reads the strip of magnetic material on the back of your credit card?
Producer Surplus
The difference between the amount producers are willing to accept for a good or service versus what they actually receive.
Allocative Efficiency
A state of resource distribution where it is impossible to make any one individual better off without making someone else worse off.
Productive Efficiency
A situation in which an economy or entity is producing goods and services at the lowest possible cost, utilizing all its resources efficiently.
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