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Consumer Surplus
The discrepancy between the total sum consumers are prepared and able to spend on a good or service and what they ultimately pay.
Equilibrium Price
The market price at which the quantity of goods supplied equals the quantity of goods demanded.
Equilibrium Quantity
The quantity of goods or services supplied that equals the quantity demanded at the market equilibrium price.
Positively Sloped
A line or curve on a graph that increases in value as it moves from left to right, indicating a direct relationship between two variables.
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