Examlex
With regard to percentile points, what is the median also known as?
Total Surplus
The sum of consumer surplus and producer surplus, representing the total benefit to society from the production and trade of goods and services.
Consumer Surplus
The difference between the total amount consumers are willing to pay for a good or service and the total amount they actually pay; a measure of consumer benefit.
Producer Surplus
The difference between the amount a producer is actually paid for a good compared to the minimum amount they would accept for the good.
Excess Supply
A market condition where the quantity of a commodity available for sale exceeds the quantity demanded at the current price.
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