Examlex
Sunk costs are considered to be avoidable costs
Surplus
The situation where the quantity of a good or service produced exceeds the quantity demanded at the current price.
Competitive Market
A market structure characterized by a large number of sellers and buyers where no single market participant has the power to influence prices significantly.
Equilibrium Price
The price at which the quantity of a product offered for sale equals the quantity that consumers are willing to buy.
Price Support Program
Government interventions to maintain the market price of a commodity or product above its equilibrium level.
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