Examlex
After the nurse has received change-of-shift report about the following four patients, which patient should be assessed first?
Consumer Surplus
The difference between the total amount that consumers are willing and able to pay for a good or service (indicated by the demand curve) and the total amount that they actually do pay (i.e., the market price).
Producer Surplus
The difference between what producers are willing to accept for a good or service versus what they actually receive, often reflecting gains from trade.
Tariff Revenue
Income generated by a government from imposing tariffs on imported goods.
Total Surplus
The sum of consumer surplus and producer surplus, representing the total net benefit to society from producing and consuming a good or service.
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