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socially optimal quantity. the quantity of a good that results in the max. possible economic surplus from producing and consuming the good ; efficiency. occurs ...
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A market in which there are many buyers and sellers of the same good or service, none of whom can influence the price at which the good or service is sold.
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This is a lecture for BSE 2212 Principles of Microeconomics at North Park University by Professor Mark Gavoor.
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Microeconomics and Macroeconomics are two branches of Economics which deal with study of individuals and that of a nation respectively.