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In mathematics, an empty product, or nullary product or vacuous product, is the result of multiplying no factors. It is by convention equal to the multiplicative identity (assuming there is an identity for the multiplication operation in question), just as the empty sum—the result of adding no numbers—is by convention zero, or the additive identity.
Since the empty category is vacuously a discrete category, a terminal object can be thought of as an empty product (a product is indeed the limit of the discrete diagram {X i}, in general). Dually, an initial object is a colimit of the empty diagram 0 → C and can be thought of as an empty coproduct or categorical sum.
Second, and empty product is not the result of anything, it is something like "0!" whose value is 1, but it is not identical to 1 (or otherwise conversely "1 is an empty product", which seems a bad formulation). In short, one should make distinction between expressions and there values, and an empty product is an expression.
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A market can be said to have allocative efficiency if the price of a product that the market is supplying is equal to the marginal value consumers place on it, and equals marginal cost. In other words, when every good or service is produced up to the point where one more unit provides a marginal benefit to consumers less than the marginal cost ...
Maintenance template to be placed in sections that are empty, containing neither text nor sub-sections. Before tagging an empty section, consider removing the section heading instead – for example, an empty "Gallery", "See also" or "External links" section can safely be deleted. Puts articles into [[Category:Articles with empty sections]] and [[Category:Articles to be expanded]]. Template ...