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Total Surplus
The sum of consumer surplus and producer surplus, representing the total net gain to society from the production and consumption of goods and services.
Tariff Revenue
Income that a government collects from imposing duties on imported goods.
Consumer Surplus
The divergence between the amount consumers are willing to pay for a product or service and the amount they actually pay.
Producer Surplus
Producer surplus is the difference between what producers are willing to accept for a good compared to what they actually receive, usually measured by the area above the supply curve and below the market price.
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