Examlex
What brown oxide of nitrogen is a necessary component of photochemical smog?
Economic Efficiency
A state in which resources are allocated in a way that maximizes the total benefit received by society from those resources.
Consumer Surplus
The divergence between the price consumers are willing to pay and what they really spend on a good or service.
Floor Price
The minimum price set by regulation, often by the government, below which a commodity cannot legally be sold in the market.
Market Supply
The total amount of a specific good or service that is available to consumers in a market at a given time and price.
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