Examlex
Which of the following is TRUE of lysosomes?
First Theorem of Welfare Economics
A principle stating that under certain conditions, a market in equilibrium will allocate resources efficiently in a way that maximizes total social welfare.
Competitive Equilibrium
A market state where supply equals demand, leaving no incentive for price changes as long as external conditions remain constant.
Homothetic Preferences
Preferences where if a consumer prefers a bundle of goods A to B, they will also prefer a scaled-up version of A to the same scale-up of B, maintaining the same proportions.
Marginal Rate of Substitution
How quickly a consumer agrees to trade one good for another, aiming to keep their level of pleasure steady.
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