Examlex
What name is given to a compound containing a -CHO group?
Total Surplus
is the sum of consumer surplus and producer surplus, representing the overall economic benefit to society from trade or market activity.
Consumer Surplus
The split between the sum consumers would ideally pay for a good or service and the sum they actually end up paying.
Producer Surplus
The discrepancy between the price at which sellers are prepared to offer a product and the actual selling price they obtain.
Market Failure
The failure of a market to be efficient; when the individual pursuit of self-interest leads to bad results for society as a whole.
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