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What caused the smog that plagued Los Angeles in the 1950s?
Consumer's Surplus
The variance between what consumers are prepared and capable of spending for a product or service and the actual sum they end up paying.
Price of X
The cost or monetary value associated with acquiring, producing, or selling a good or service named X.
Quasilinear Preferences
Preferences characterized by a linear relationship in one good and non-linear in others, implying constant marginal utility for the linear good.
Consumer Surplus
The gap between the total price consumers are ready and able to spend for a good or service and what they actually spend.
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