Examlex
What term refers to drawing a general impression about something or someone based on a single (typically good) characteristic?
Consumer Surplus
The variance between the total price consumers are ready and able to fork over for a good or service and the sum they ultimately pay.
Deadweight Loss
A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.
Consumer Surplus
The difference between the total amount that consumers are willing to pay for a good or service and the total amount they actually do pay.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay, indicating the economic benefit to consumers.
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