Examlex
A recent global analysis of over 145 studies of biotechnology crops over the past 20 years found that GMO crops have ________ chemical pesticide use as well as ________ both crop yield and farmer profits.
Average Cost
The total cost of production divided by the quantity of output produced; it's a measure of how much it costs, on average, to produce one unit of output.
Deadweight Loss
A situation in economics where the total of consumer and producer surplus is not maximized due to factors like taxes or subsidies.
Monopoly Output
The quantity of goods or services produced and offered for sale by a monopolist, set to maximize profits under conditions of limited competition.
Competitive Output
The level of output at which a firm in a competitive market maximizes its profits, determined by the intersection of the industry's supply and demand curves.
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