Examlex
When people's incomes increase, the demand for a good increases. The good is called
Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the benefit to consumers from market transactions.
Equilibrium
The market condition where supply equals demand for a product, resulting in a stable price.
Consumer Surplus
The difference between what consumers are willing to pay and what they actually pay.
Market Price
The current price at which a good or service can be bought or sold, determined by the forces of supply and demand.
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