Examlex
In the accompanying figure, item 3 points to the ____.
Total Surplus
The total net benefit to society from the production and consumption of a good, equal to the sum of consumer surplus and producer surplus.
Consumer Surplus
The deviation between the full cost that consumers are willing and are financially suitable to pay for a product or service, and the cost they ultimately pay.
Individual Consumer Surplus
The net gain to an individual buyer from the purchase of a good; equal to the difference between the buyer’s willingness to pay and the price paid.
Selling Haircuts
The commercial activity of providing hair cutting and styling services to customers for a fee.
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