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Chapter 4: Economic Surplus

Terms in this set (5)

Consumer Surplus

The difference between the highest price a consumer is willing to pay for a good or service and the amount price the consumer receives.

Producer Surplus

The difference between the lowest price a firm would be willing to accept for a good or service and the price it actually recieves.

A legally determined minimum price that sellers may receive

A market in which buying and selling take place at prices that violate government price regulations

What is the most important method that government fund their activity?

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