Examlex
Who was a surprise third-party candidate in the race for New York City mayor in 1886?
Total Surplus
The sum of consumer surplus and producer surplus in a market, representing the total net benefit to society from trading a good or service.
Equilibrium Price
Equilibrium price is the market price where the quantity of goods supplied is equal to the quantity of goods demanded.
Willingness to Pay
The maximum amount an individual is prepared to spend on a good or service.
Pumpkin Market
A theoretical or real market where pumpkins are bought and sold, often used to illustrate principles of supply and demand or seasonal markets.
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