Examlex
Mendel's postulate of independent assortment is supported by a 1:1:1:1 testcross ratio.
Market Equilibrium
A situation in which the supply of an item is exactly equal to its demand, leading to a stable market price.
Consumer Surplus
The discrepancy between the aggregate amount buyers are willing and capable of paying for a good or service versus what they really pay.
Market Supply
The total amount of a specific good or service available for purchase at any given price, from all producers combined.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting the good's sensitivity to price changes.
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