Examlex
In the process of aerobic respiration, nitrate can function as the terminal electron acceptor in the electron transport chain.
Societal Loss
The total loss in welfare or efficiency that occurs when market equilibrium is not achieved, often due to externalities, monopolies, or other market failures.
Monopoly
A market structure characterized by a single seller who has exclusive control over the supply of a good or service.
Perfect Price Discrimination
Occurs when a firm charges the maximum amount that buyers are willing to pay for each unit.
Consumer Surplus
The contrast between the summed value consumers intend and can afford to pay for a product or service and the actual cost they bear.
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