Examlex
What happened to the radio industry in WWII?
Market Failure
A situation in which the allocation of goods and services is not efficient, often leading to a net social welfare loss.
Consumer Surplus
The discrepancy in the overall amount consumers are inclined and able to expend on a product or service versus what they actually fork out.
Market Price
The current price at which an asset or service can be bought or sold in a particular market.
Unit Price
The cost of a single unit of a product or service, which allows for easier comparison of costs among similar items.
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