Examlex
The diamond ring effect is a characteristic of which phenomena?
Total Surplus
The aggregate net advantage to society, encapsulated by both consumer and producer surplus within a market.
Import or Export
The practice of buying goods or services from foreign suppliers (importing) or selling goods or services to foreign buyers (exporting).
World Price
The cost of a product or service in the international marketplace, dictated by supply and demand across the globe.
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 pay.
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