Examlex
For each of the following items identify whether it is spoilage, reworked units, or scrap.
A)spoilage
B)spoilage and rework
-Rock extracted as a result of mining processing
Deadweight Loss
A decrease in economic efficiency arising when a good or service fails to attain or cannot possibly attain equilibrium.
Deadweight Losses
Economic inefficiencies that occur when equilibrium in a market is not achieved or when market allocation of resources is not optimal, often due to externalities or government intervention.
Consumer Surplus
A rephrased definition: The economic benefit that consumers receive when they can purchase a product for less than the maximum price they are willing to pay.
Consumer Surplus
The gap between the overall sum consumers are ready and able to spend on a product or service and what they really spend.
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