Examlex
A market-oriented organization targets its products to the average customer.
Competitive Market
A market structure characterized by a large number of buyers and sellers, where no single participant has significant influence on price.
Marginal Rate of Substitution
The ratio at which a consumer can exchange quantities of one good for another while preserving the same degree of contentment.
Pareto Optimal
Pareto optimal is a state of allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off.
Smelted
The process of extracting a metal from its ore by heating and melting, often involving a chemical reduction reaction.
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