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Patents and copyright laws are needed to promote invention and innovation.
Producer Surplus
The difference between the amount producers are willing to accept for a good or service and the actual amount they receive, due to market price.
Consumer Surplus
The contrast between the expected payment by consumers for a good or service and the actual price paid.
Market Supply
The total quantity of a good or service that producers are willing and able to sell at various prices during a given time period.
Market Demand
is the total amount of a product or service that consumers in a market are willing and able to purchase at different prices, during a certain time period.
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