Examlex
Why is discretionary fiscal policy considered risky or somewhat uncertain?
Total Surplus
The sum of consumer surplus and producer surplus in a market, representing the total net benefits to society.
Benevolent Social Planner
A hypothetical figure in economics who makes decisions aimed at achieving the best possible outcomes for society overall, considering both efficiency and equity.
Market Power
The ability of a firm or group of firms to significantly control or influence market prices, often due to lack of competition.
Price Discrimination
An approach to setting prices where a provider charges different rates for the same or very similar items in various markets.
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