Examlex
In staff development which of the following would support retention of nurses? (Select all that apply.)
Total Surplus
The sum of consumer surplus and producer surplus, representing the total net benefit to society from the production and consumption of a good or service.
Free-market Equilibrium
A state in a free market where supply equates demand without any government intervention, allowing prices to be set naturally.
Consumer Surplus
The difference between the total amount consumers are willing to pay and the total amount they actually pay for a good or service.
Price Floor
A government-imposed minimum price charged on goods and services, typically above equilibrium price to prevent market prices from dropping too low.
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