Examlex
A ________ is a value above which it is difficult for the market to rise.
Bowed Inward
Describing a curve, specifically in the context of an economics graph, that concaves towards the origin, indicating increasing returns or efficiency.
Upward Sloping
refers to a graph line that shows an increase in one variable as another variable increases, commonly seen in supply curves.
Budget Constraint
An economic model that represents all the combinations of goods and services a consumer can afford given their income and prices.
Opportunity Cost
The value of the best alternative forgone as a result of choosing a particular action or decision.
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