Examlex
Which of the following involved industrial countries agreeing to cut their emissions of greenhouse gases to about 5 percent below their 1990 levels by the years 2008-2012 while developing countries did not make any commitments?
Total Surplus
The total net gain to society from creating and consuming goods and services, encapsulated by the combination of consumer and producer surplus.
Total Surplus
The sum of producer and consumer surplus, representing the total net benefit to society from the production and consumption of goods and services.
Equilibrium
A state where supply equals demand, and the market is at rest.
Producer Surplus
The difference between the amount that producers receive from the sale of a good or service and the minimum amount they would accept.
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