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Briefly explain what happens when you undergo dark adaptation by explaining why, when you enter a dark room after being in a very bright light, you cannot see anything for approximately 10 minutes and are unable to see things clearly for 30 minutes.
Consumer Surplus
The differential between the amount envisioned by consumers to pay for a good or service and the actual amount paid.
Perfectly Competitive
A market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product.
Consumer Surplus
The distinction between the ideal payment by consumers for a product or service and the financial outlay they make.
Average Cost
An alternative term for average total cost; the total cost divided by the quantity of output produced.
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