Examlex
An androgynous individual:
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers matches the quantity supplied by producers, resulting in market balance.
Producer Surplus
The difference between what producers are willing to accept for a good or service versus what they actually receive in the market.
Allocative Efficiency
A state of resource allocation where goods and services are distributed according to consumer preferences in a way that maximizes utility.
External Benefits
Advantages that result from a product or service's use that affect someone other than the direct consumer or producer, often justifying government intervention.
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