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What Is a Benchmark? Provide an Example

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What is a benchmark? Provide an example.


Definitions:

Market Price

The current price at which an asset or service can be bought or sold in a given market, determined by supply and demand.

Equilibrium Quantity

The amount of a good or service that is supplied and demanded at the equilibrium market price.

Marginal Product

The additional output resulting from the use of one more unit of a factor of production.

Computer Programmers

Professionals skilled in writing and testing the code that enables software applications to function according to user or system design specifications.

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