Examlex
Add or subtract. Then simplify. If a denominator has two or more factors (other than monomials) , leave it in factored form. Express the answer using the denominator of the first fraction when applicable.
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Consumer Surplus
The disparity between consumers' theoretical expenditure on a good or service and their practical expenditure.
Total Surplus
The sum of consumer surplus and producer surplus, indicating the total benefits received by both producers and consumers in a market.
Equilibrium Price
The trading value at which the supply of goods meets the consumers' demand for these goods.
Total Surplus
The sum of consumer and producer surplus, measuring the total net benefit to society from trading a good or service.
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