Examlex
What is the probability that exactly one of the items is defective?
Average Cost
The total cost of production divided by the number of units produced, indicating the cost per unit.
Consumer Surplus
The bifurcation between what a consumer wishes to pay for a service or good, and what ends up being spent.
Producer Surplus
The difference between what producers are willing to sell a good for and the actual market price of the good.
Deadweight Loss
Deadweight loss refers to the loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable, often due to market distortion such as taxes or subsidies.
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