Examlex
In the conversion of pyruvate to ethanol, what is produced?
Equilibrium Price
The cost at which the volume of goods available equals the volume sought by consumers.
Equilibrium Quantity
The amount of products or services available and sought after at the balance price.
Consumer Surplus
The divergence between the total price consumers are prepared to pay for a good or service and the actual price paid.
Producer Surplus
The difference between the amount producers are willing to supply a good for and the actual amount received by them when they make the sale.
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