Examlex
Jeremy Bentham originated the concept of moral geography.
Market Price
The existing cost for acquiring or disposing of an asset or service in a designated market.
Competitive Market
A market structure characterized by many buyers and sellers, freedom of entry and exit, and products that are similar, leading to competition driving prices to equilibrium.
Lowest Price
the minimum price at which a product or service is offered in the market.
Producer Surplus
The difference between the amount that producers are willing to accept for a good or service and the actual amount they receive, due to higher market prices.
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