Examlex
Before a tsunami arrives, sea level often drops exposing the seafloor.
Producer Surplus
The difference between what producers are willing to accept for a good or service and the actual price they receive, reflecting the benefit to producers from higher prices.
Consumer Surplus
The gap between what consumers are prepared to spend on a product or service and the actual amount they end up paying.
Maximum Willingness
The highest amount an individual is prepared to pay for a good or service, reflecting their subjective valuation of its utility.
Output
The total amount of goods and services produced by an economic system or by a firm.
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