Examlex
Discuss the similarities and differences in British and American concepts of representative government. How did the differences in their concepts contribute to the American Revolution?
Total Surplus
The sum of consumer surplus and producer surplus, representing the total benefits to society from the trade of a good or service.
Consumer Surplus
The difference between the maximum price consumers are willing to pay for a good or service and the actual price they pay.
Producer Surplus
The disparity between the price that producers are ready to accept for a product or service and the price they actually obtain.
Equilibrium Price
The cost where the amount of a product or service consumers want to buy matches the quantity that producers are willing to sell.
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