Examlex
Which of the following statements is not correct?
Price Received
The actual amount of money received by a producer or seller from a buyer for a unit of goods or services, after discounts, taxes, and any other adjustments.
Total Surplus
The sum of consumer and producer surplus, representing the total net benefit to society from the production and consumption of a good.
Consumer Surplus
The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount that they actually do pay.
Producer Surplus
The difference between the amount producers are willing to accept for a good or service versus how much they actually receive, measured by the area above the supply curve and below the market price.
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