Examlex
The loop of Henle is a countercurrent exchanger because it creates a concentration gradient rather than simply maintaining it.
Short Run
A time period in economics where at least one input is fixed, restricting the ability to adjust production levels fully.
Long Run
A timeframe during which all production factors and expenses can change, permitting adjustments to all inputs.
Allocative Efficiency
A state of the economy in which production is in accordance with consumer preferences; every good or service is produced up to the point where the last unit provides a utility to consumers equal to the cost of producing it.
Consumer Surplus
The difference in the amount consumers are prepared and have the means to pay for a service or good compared to the amount they actually do pay.
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