Examlex
A politician's advisor explains how demographic changes in the politician's district make it important for the politician to spend more time in the district seeing constituents than she has in the past.This is an example of:
Public Goods
Goods that are non-excludable and non-rivalrous, meaning no one can be prevented from using them and one person's use does not reduce availability to others.
Consumer Surplus
The gap between what consumers are prepared and can afford to pay for a product or service, and what they end up paying in reality.
Producer Surplus
The difference between the amount producers are willing to accept for a good versus what they actually receive.
Marginal Benefit
Marginal benefit is the additional satisfaction or utility received by consuming one more unit of a good or service.
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