Examlex
Figure 4.2
-Which of the following terms best describes the cell in Figure 4.2?
Consumer Surplus
The difference between what consumers are willing to pay for a good or service versus what they actually pay, measuring the benefit to consumers from participation in the market.
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market equilibrium.
Consumer Surplus
The variance between the amount buyers are ready to spend on a good or service and the amount they actually pay.
Tariff
A tax imposed by a government on goods and services imported from other countries to regulate trade and protect domestic industries.
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