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Econ Ch3 - Demand & Supply

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the sum of consumer surplus and producer surplus.

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Terms in this set (35)

the sum of consumer surplus and producer surplus.

at the existing price, quantity supplied exceeds the quantity demanded; also called excess supply.

a table that shows a range of prices for a good or service and the quantity supplied at each price.

supply schedule.

a line that shows the relationship between price and quantity supplied on a graph, with quantity supplied on the horizontal axis and price on the vertical axis.

the relationship between price and the quantity supplied of a certain good or service.