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What is the basic difference between hedgers and speculators?
Efficiency
The optimal production and distribution of resources in a way that maximizes the net benefit to society or an economy.
Total Surplus
A measure of society's overall net advantage resulting from the consumption and production of a good or service, comprised of both consumer and producer surplus.
Fire Marshal
An official responsible for enforcing fire safety codes and regulations, as well as investigating fires to determine their cause.
Total Surplus
In economics, the total net gain to society from trading in a market, equal to the sum of consumer and producer surplus.
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