Examlex
Self-discrepancy theory argues that we compare ourselves to others in different situations because there is no given standard against which to measure our opinions and abilities.
Deadweight Loss
A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.
Perfectly Competitive
A market structure characterized by many buyers and sellers, homogeneous products, and free entry and exit from the market.
Consumer Surplus
The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.
Single-Price Monopolist
A market dominance condition where a monopolist charges the same price for all units of a product sold to every consumer.
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