____________ Is Defined as the Difference Between the EF of an Activity

question 64

Short Answer

____________ is defined as the difference between the EF of an activity and the ES of the activity that follows it.

---

Definitions:

Responsiveness of Quantity

The degree to which the quantity demanded or supplied responds to changes in price, income, or other factors.

Responsiveness of Price

The degree to which the demand or supply of a product changes in response to a change in price.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the extra satisfaction or utility gained.

Market Price

is the current price at which a product, security, or commodity can be bought or sold in a marketplace.