Examlex
Local police cultural standards for the use of force differ considerably from formal departmental policy and are more likely to support greater use of force than do formal training and policy.
Total Surplus
Total surplus refers to the sum of consumer surplus and producer surplus in a market, representing the overall benefit that market participants gain from engaging in trade.
High-cost Producer
A producer or company which has higher costs of production compared to competitors, often due to inefficient processes or higher input costs.
Low-cost Producer
A manufacturer or service provider with a competitive advantage allowing them to offer goods or services at a lower price than competitors, often due to operational efficiencies.
Consumer Surplus
The variance between the aggregate amount consumers can and will pay for a good or service versus the amount they actually spend on it.
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