Examlex
A negative externality arises when a person engages in an activity that has
Consumer Surplus
The gap between the total amount consumers are prepared and able to spend for a product or service versus what they genuinely spend.
Maximum Price
The highest price that can legally be charged for a good or service, often set by government regulations to protect consumers from excessively high prices.
Market Failure
A situation in which the allocation of goods and services is not efficient, often leading to a net social welfare loss.
Consumer Surplus
The discrepancy in the overall amount consumers are inclined and able to expend on a product or service versus what they actually fork out.
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