Examlex
Market demand for a private good is found by vertically summing individual demands.
Willingness to Pay
The maximum amount an individual is prepared to spend for a good or service, reflecting the value they derive from it.
Opportunity Cost
The cost of foregoing the next best alternative when making a decision or choosing to allocate resources in a certain way.
Marginal Cost
The cost increase associated with the manufacture of an additional good or service unit.
P = MC
An equation denoting the condition where the price of a good equals its marginal cost, typically associated with perfect competition and profit maximization.
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