Examlex
Which of the following is not a commitment device used to overcome a commitment problem?
Equilibrium
The point at which the quantity of a product or service demanded by consumers equals the quantity supplied by producers, leading to a stable market condition.
Market Equilibrium
The condition in which a market's supply and demand balance each other, and as a result, prices become stable.
Consumer Surplus
The gap between the aggregate sum consumers can and are willing to spend on a good or service versus the amount they really spend.
Equilibrium
The state in which market supply and demand balance each other, resulting in stable prices and quantities.
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