Examlex
________ participates in various regulatory functions.
Consumer Surplus
The discrepancy between what consumers are prepared to spend on a good or service and what they end up paying.
Total Surplus
The sum of consumer surplus and producer surplus in a market, representing the total benefits to society from trading goods and services.
Tariffs
Taxes imposed by a government on imported goods and services to control trade volumes, protect domestic industries, or generate revenue.
Quotas
Limits set by governments on the quantity of a good that can be imported or exported within a certain time period to regulate trade.
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