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Tim and Amy are sexually active but do not use condoms or any other methods of birth control. When asked why, they replied that they just did not think Amy would get pregnant or that they might get AIDS. This type of adolescent thinking is called
Consumer Surplus
The gap between what consumers are prepared to spend on a good or service and the actual amount they end up paying.
Consumer Surplus
The divergence in total intended consumer expenditure on a product or service and the total actual expenditure.
Market Power
The ability of a company or entity to influence or control the terms and conditions of the market to some degree, affecting prices and competition.
Externalities
Financial consequences for unrelated third parties, which can manifest as either positive or negative effects.
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