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theory of the first best
Definition
Economics
concept
that if all but one requirement for achieving a most desirable economic situation cannot be satisfied, it is always beneficial to satisfy the remaining ones.
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Nearby Terms
theory of constraints (TOC)
theory of needs
theory of probability
theory of rational expectations (TRE)
theory of reasoned action
theory of the firm
theory of the first best
theory of the second best
theory of the third best
theory X and theory Y
theory Z
therapeutic alternatives
therapeutic equivalence
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