Examlex
In the IFE Matrix, the sum of all weights must equal 1.0.
Private Value
The valuation of a good or service to an individual or entity, reflecting personal utility rather than market or societal value.
Market Equilibrium
The state in a market where the quantity demanded equals the quantity supplied, leading to a stable price level for goods or services.
Total Surplus
The sum of consumer surplus and producer surplus, representing the total benefit to society from the production and sale of a good or service.
External Benefits
Positive effects of a production or consumption activity on third parties not directly involved in the transaction, leading to social or economic benefits.
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