Examlex
A complex network cannot be decomposed into trees or simple networks.
Total Surplus
The sum of consumer and producer surplus, representing the total net benefit to society from the production and consumption of goods or services.
AC
Short for Alternating Current, a type of electrical current where the flow of electric charge periodically reverses direction.
MC
Marginal Cost, the increase in total cost that arises from producing one additional unit of a product or service.
Natural Monopoly
A type of monopoly that arises due to high fixed or start-up costs associated with a business which makes it impractical for more than one firm to produce the same product or service efficiently.
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