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What is a decision-making heuristic? Describe two typical heuristics used in consumer decision-making situations.
Market Equilibrium
The condition in a market where the quantity supplied is equal to the quantity demanded at a certain price level.
Total Consumer Surplus
The total benefit received by consumers in a market transaction, measured as the difference between what consumers are willing to pay and what they actually pay.
Price Ceiling
A government-imposed limit on how high the price of a good or service can be charged, usually intended to protect consumers.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay.
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