Examlex
One bacterium divides into two bacteria every 5 minutes.If two bacteria multiply enough to completely fill a petri dish in 1 hour, how long will it take one bacterium to fill the dish?
Producer Surplus
The contrast between the asking price of goods by producers and the actual selling price.
Total Surplus
The sum of consumer surplus and producer surplus in a market, representing the total benefits to society from trading a good or service.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service versus what they actually pay, measuring the benefit to consumers from market transactions.
Price Ceiling
A legal maximum price that can be charged for a product or service, intended to protect consumers from high prices.
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