Instructions: Identify the Following Term(s)

question 77

Short Answer

Instructions: Identify the following term(s).
Edo and Kyoto

---

Definitions:

Consumer Surplus

The contrast between the total sum consumers are ready and financially equipped to spend on a good or service, and the sum they actually spend.

Producer Surplus

The divergence between the price at which sellers are ready to offer a good or service and the price they actually obtain.

Economic Efficiency

A state in which resources are allocated in a way that maximizes the total benefit received by society from those resources.

Consumer Surplus

The divergence between the price consumers are willing to pay and what they really spend on a good or service.