Examlex
A farsighted boy has a near point at 2.3 m and requires contact lenses to correct his vision to the normal near point.What is the correct choice of lens power for the contact lenses?
Consumer Surplus
The difference between the highest amount a consumer is willing to pay and the actual price paid.
Supply Shift
A change in the quantity of a good that suppliers are willing and able to sell at each price, represented by a shift of the supply curve to the left or right.
Producer Surplus
The difference between the amount a producer is willing to accept for a good and the actual amount received from its sale.
Price Ceiling
A legal maximum price that can be charged for a product or service, typically set to protect consumers.
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