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Assume the market depicted in the graph is in equilibrium. Consumer surplus is the area:
Berries
Term used to describe small, pulpy, and often edible fruits, typically juicy, rounded, brightly colored, and having seeds.
Utility Function
A mathematical representation that ranks an individual's preferences over a set of goods and services, indicating levels of satisfaction.
Min Function
A mathematical function that identifies the smallest value from a set of numbers or inputs.
Income
The money received by an individual or business in exchange for providing labor, producing goods, or investing capital, over a certain period.
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