Examlex
Which of the following phrases indicates that income is being spoken of?
Producer Surplus
The gap between the minimum amount sellers are prepared to accept for a product or service and the increased amount they actually get because of elevated market prices.
Deadweight Loss
A shortfall in economic efficiency due to a good or service not reaching free market equilibrium.
Total Surplus
The combined value of consumer and producer surplus that signifies the overall advantage to society through the manufacturing and consumption of products or services.
Producer Surplus
The difference between what producers are willing to accept for a good or service versus what they actually receive in the market.
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