Examlex
In the scenario described here, assignment 1 is an example of
Market Price
The current price at which a goods or service can be bought or sold in a particular market.
Consumer Surplus
The gap between what consumers are prepared and capable of paying for a product or service and what they end up spending.
Supply Change
An alteration in the quantity of goods or services that producers are willing and able to sell in the market, due to factors like price, technology, or input costs.
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.
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