Examlex
When the following reaction is at equilibrium 2NOCl(g) 2NO(g) + Cl2(g)
then [NO]2 [Cl2] = K [NOCl]2.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to sell.
Demand Curve
A graph showing the relationship between the price of a good or service and the quantity demanded by consumers at different prices.
Social Costs
The total cost to society, including both private costs incurred by firms and external costs to individuals not involved in a transaction.
Socially Optimal
A state in which resources are allocated in the most efficient way from a societal perspective, maximising collective welfare or benefit.
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