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What does a Musical Instrument Digital Interface (MIDI)board do?
Consumer Surplus
The discrepancy between the amount consumers are prepared to spend on a product or service and the actual price they pay.
Consumer Surplus
The gulf between the aggregate amount consumers are willing to allocate for a good or service and what they actually end up paying.
Producer Surplus
The variance between the minimum amount producers are prepared to take for a product and the actual payment they get.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision or choosing between multiple options.
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