Examlex
When the temperature of a gas rises by a factor of 3, what should happen to the pressure of the gas, all other factors being constant?
Consumer Surplus
The differential between the overall amount consumers are willing and financially prepared to spend on a good or service, and what they end up spending.
Producer Surplus
The difference between what producers are willing to accept for a good versus what they actually receive, essentially the extra benefit to producers from selling at the market price.
Deadweight Loss
A loss of economic efficiency that occurs when the equilibrium for a good or a service is not achieved or is unobtainable.
Producer Surplus
The difference between the amount that producers are willing to accept for a good or service and the actual amount they receive.
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