Examlex
What causes our blindspot?
Producer Surplus
The difference between what producers are willing to accept for a good versus what they actually receive, often seen as a measure of producer welfare.
Consumer Surplus
The disparity between the cost consumers are prepared to pay for a good or service and the cost they actually encounter.
Buyers
Individuals or entities that purchase goods or services in the market.
Sellers
Individuals or entities that offer goods or services for sale to consumers or other businesses.
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