Examlex
In a dominant/recessive trait,the heterozygous person would look like the homozygous person.
Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers.
Market Equilibrium
A situation in a market where the quantity demanded by consumers equals the quantity supplied by producers, leading to a stable price for the product or service.
Producer Surplus
The difference between what producers are willing to accept for a good or service versus what they actually receive, typically measured above the supply curve.
Well-Defined Property Rights
Legal parameters that establish ownership and delineate the use of resources or assets.
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