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Demand = quantity of a good consumers are willing and able to purchase in a certain
period, given prices, assuming ceteris paribus.
WTP=the benefit the buyer is expecting from purchasing the good.(MB)

Supply =the quantity of a good producers are willing and able to sell in a time period, given
prices, and assuming ceteris paribus.

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DWL  =the net loss to consumers and producers as a whole due to an allocatively inefficient market.

Happened when market is inefficient.
=imperfect market
=externalities
=public goods prosion
=government intervention

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CS = net benefit held by buyers, measured as the excess of their
willingness to pay over what they acually pay (or the market price), aggregated over all units
purchased.

PS = net gain enjoyed by sellers, measured as the excess of market
price over marginal cost (MC) or what sellers are willing to receive for each output, aggregated
over all units sold.

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Max Profit : MR=MC
P represent MB  (P=MB=MC)

Technical efficiency or productive efficiency deals with economizing on resources used in production. (i.e. using
resources sparingly and as efficient as possible)

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Allocative efficiency
requires that resources be appropriated
such that the marginal benefit (MB) of
producing a good is equal to the
marginal cost (MC) of allocating
resource to produce the good.(MB=MC)

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the benefits of consumption of a good are exclusive to a single buyer.
Ex: Laptop

# data[].attributes.body
the benefits of consumption of a good are exclusive to a single buyer.

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Market is where there is interaction between consumers and producers to exchange a private
good or service.