Examlex
If a bank is asked to quote a rate on a one-year loan one year from today and the current interest rate on a one-year loan is 7% and a two-year loan is 8%,it should quote 9%.
Consumer Surplus
The variance between the sum consumers are willing to shell out for a good or service and the sum they actually shell out.
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, leading to a balance in the market.
Producer Surplus
The discrepancy between the price at which producers are prepared to offer a good or service and the price they actually obtain.
Demand Shifts
Refers to the change in the quantity demanded of a good or service at any given price, caused by factors other than the price of the good itself.
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