Examlex
In network industries in which monopolies can be created, deadweight loss might be _____ if there is _____ interconnection.
Equivalent Variation
An economic measure of the change in income needed to maintain utility after a price change, keeping utility constant before and after the change.
Consumption
The use of goods and services by households, encompassing spending on necessities and discretionary items.
Demand Function
A mathematical representation showing the quantity of a good or service demanded at different prices.
Consumer's Surplus
The difference between the total amount that consumers are willing to pay for a good or service and the total amount that they actually pay.
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