Term
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Definition
| The Value of a good, summed over quantity consumed |
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Term
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Definition
| The value of a good over and above the price of a good, up to quantity consumed |
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Term
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Definition
| The amount paid for a good over and above cost of production, up to quantity supplied |
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Term
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Definition
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Term
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Definition
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Term
| Where can consumer surplus be found? |
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Definition
| Above the price and below Demand |
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Term
| Where can producer surplus be found? |
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Definition
| Below price and above supply |
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Term
| Where can Total Surplus be found |
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Definition
| Under demand until the quantity consumed |
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Term
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Definition
| The lost surplus caused by ineffieciency |
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Term
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Definition
| Cost of a production summed over quantities supplied |
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