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Consumer Surplus
The incongruity between what consumers are willing to expend on a good or service and what they truly expend.
Producer Surplus
The difference between what producers are willing to accept for a good or service and the actual amount they receive.
Opportunity Cost
Opportunity cost represents the value of the best alternative that must be forgone as a result of choosing another option.
Maximum Tax
An imposed upper limit on the amount of taxes that can be levied on an individual or entity by the government.
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