Examlex
Which of the following is not an accurate description of the simulated prison project?
Consumer Surplus
Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually pay.
Equilibrium
A state in a market where the quantity of goods supplied is equal to the quantity of goods demanded, with no pressure to change the price or quantity.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product or service, often set below the equilibrium price to keep goods affordable.
Consumer Surplus
The disparity between what consumers are ready and able to spend for a product or service and the amount they end up paying.
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