Examlex
An 'ideal-type' or 'ideal model' is the purest most developed concept of a particular thing and acts as something to move toward rather than to achieve.
Price Floors
A government- or authority-imposed minimum price that can be charged for a commodity, which is typically set above the equilibrium price to protect producers.
Consumer Surplus
The gap between what consumers are prepared to pay for a product or service, and what they end up spending.
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.
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