Examlex
What is the purpose of a bar code? What is the purpose of RFID? What is the purpose of a QR code? If you were a business owner, would you see value in using all three of these simultaneously? Why or why not?
Consumer Surplus
The variance between the actual cost paid by consumers and the maximum amount they're prepared to pay for a good or service.
Market Equilibrium
The point at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a stable market price.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product or service to prevent market prices from rising above a certain level.
Consumer Surplus
The variation between the price consumers are willing to offer for a product or service and the actual payment made.
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