Examlex
A bacterium and a virus are examples of:
Consumer Surplus
The distinction between the ideal payment consumers are willing to make for a product or service and the real cost they incur.
Equilibrium Price
The price at which the quantity of goods demanded by consumers equals the quantity of goods supplied by producers, leading to market balance.
Price Elasticity
The degree to which the demand or supply of a product changes in response to a change in price.
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