Please Define the Following Key Terms

question 23

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Emmeline Pankhurst

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, reflecting the economic benefit to consumers.

Perfectly Competitive Industry

An industry characterized by many small firms, identical products sold by all firms, no barriers to entry or exit, and perfect information among consumers and producers.

AC

Short for Air Conditioning, a system for controlling the humidity, ventilation, and temperature in a building or vehicle.

Price Effect

The impact on consumer behavior and purchase decisions resulting from a change in the price of a good or service.