Examlex
A liability that is known to exist but the precise dollar amount is not known is called a possible liability.
Artificially Scarce Good
A product or service whose availability is limited due to artificial constraints, such as legal restrictions or monopolistic practices, rather than natural scarcities.
Competitive Market
A market structure where many firms offer products or services that are similar, allowing consumers to find substitutes easily.
Efficient Price
A market price that reflects all available information and results in an allocation of resources that maximizes overall utility.
Marginal Cost
The incurred cost from generating one more unit of a product or service.
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