Examlex
Market failure occurs when a market fails to produce efficient outcomes for society.
Aggregate Supply Curve
The graphical representation of the total goods and services that producers in an economy are willing to sell at various price levels.
Price Level
The economy-wide average price for the entirety of goods and services produced.
Profit Per Unit
The amount of net income earned by selling one unit of a product, calculated as the sales price minus the cost of production per unit.
Aggregate Supply Curve
A graphical representation that shows the total quantity of goods and services that producers in an economy are willing and able to supply at different price levels.
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