Examlex
Between about 2 and 3 months, social smiles are elicited
Total Surplus
The complete net profit to society from the production and consumption of a good or service, reflected in the sum of consumer surplus and producer surplus.
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, leading to market balance.
Producer Surplus
The difference between what producers are willing to accept for a good or service versus what they actually receive, often seen as a measure of producer welfare.
Supply Shift
A movement of the supply curve to the left or right, indicating a change in the quantity supplied at each price, usually in response to a change in determinants other than price.
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