Examlex
Which is an Excel® add-in for simulation?
Total Surplus
The sum of consumer surplus and producer surplus, representing the total benefits to society from a market transaction.
Equilibrium Price
The market valuation where the supply of products equals the demand for products.
Gains From Trade
The benefits that parties obtain from engaging in voluntary trading, often leading to an increase in overall welfare and efficiencies.
Consumer Surplus
The mismatch between the aggregate amount consumers intend and can afford to pay for a product or service and the aggregate amount they really pay.
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