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If you make a snide remark to the school bully and you get "beat up," you will be less likely to make another snide remark to this bully due to the consequence known as
Consumer Surplus
The division between the total financial commitment consumers are willing to make for a product or service and the amount they actually contribute.
Price Floor
A minimum legal price set by the government at which a good or service can be sold, aiming to prevent prices from falling too low.
Consumer Surplus
The contrast between the intended financial outlay of consumers on a good or service and the payment they ultimately make.
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied.
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