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From a stationary position, I observe a moving boxcar, which has a mirror along the front wall, but it is open at the back of the boxcar. I send a flash of light from my flashlight and time the flash of light as it goes to the front of the boxcar and returns to the back of the boxcar. A passenger in the boxcar also times the round trip of the flash of light. Previously I had measured the time required for the round trip of a flash of light when the boxcar was stationary, and I call this the stationary time. Which two times are the same?
Deadweight Loss
An economic inefficiency arising when there's a failure to attain the free market equilibrium for any product or service.
Monopolist
A market participant that is the sole seller of a product or service, having significant control over its price.
AC
Average Cost; the total cost of production divided by the number of units produced, indicating the cost per unit.
Producer Surplus
The difference between the amount producers are willing to supply goods for and the actual amount received by them when sold.
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