Examlex
What are the gains from trade when there is an increase in the market size? Why do these gains occur?
Excess Goods
Products that exceed the demand in the market, often leading to surplus and potential waste.
Perfect Substitutes
Two goods that could be used in place of one another with no loss of utility to the consumer.
Utility Function
A mathematical representation of how different combinations of goods or services produce varying levels of satisfaction or utility to a consumer.
Commodities
Fundamental commodities traded in business that can be exchanged with others of alike kind.
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