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Assume the market shown in the graph is in equilibrium at demand (D) and supply (S1) . If the supply curve shifts to S2, total surplus falls by:
Transcendent Value
A type of value that surpasses ordinary physical and material concerns, often associated with moral, spiritual, or aesthetic dimensions of life.
Worldly Beauty
The aesthetic appeal or attractiveness found in the physical world, often as perceived by human beings.
Plato
An ancient Greek philosopher, a student of Socrates and teacher of Aristotle, who founded the Academy in Athens and wrote philosophical dialogues.
Schiller
Friedrich Schiller was a German poet, philosopher, historian, and playwright who became known for his dramatic works and his aesthetic philosophy that influenced European Romanticism.
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