Examlex
Consumer equilibrium is reached when:
Consumer Surplus
The difference between the maximum price a consumer is willing to pay for a good or service and the actual price they pay.
Equilibrium
A state in which market supply and demand balance each other, and as a result, prices remain stable.
Market
A place or system where buyers and sellers interact to trade goods, services, or contracts, allowing for the exchange of resources.
Price
The monetary value assigned to the acquisition of a service or good.
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