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Your mother has albinism, which is a recessive trait. Your father has cystic fibrosis, which is also a recessive trait. You discover that your new father-in-law has albinism and cystic fibrosis. If neither you nor your spouse has either albinism or cystic fibrosis, what are the odds that your first child will have either albinism or cystic fibrosis, but not both?
Quota Rent
The earnings exceeding the normal anticipated returns due to import or export quotas.
Deadweight Loss
A decrease in economic effectiveness occurring when a good or service doesn't reach its free market equilibrium.
Minimum Wage
The lowest legal hourly rate of pay that employers can compensate workers, established to protect employees from exploitation.
Equilibrium Price
The price point in the market at which the supply of goods matches the demand for those goods.
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