Examlex
Is it possible for a firm to have a comparative advantage in producing something without having an absolute advantage? Why or why not?
Total Surplus
The sum of consumer surplus and producer surplus in a market, representing the total benefit to society from the production and consumption of goods or services.
Producer Surplus
The discrepancy between the price sellers are ready to accept for an item and the price they actually receive.
Equilibrium Price
The cost point where the amount of a product or service consumers want to buy matches the amount available, resulting in a balanced market.
Equilibrium Quantity
The quantity of goods or services supplied equals the quantity demanded at the market equilibrium price.
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