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Describe danger invulnerability and psychological invulnerability.
Opportunity Cost
The relinquishment of possible advantages from alternate options upon making a choice.
Producer Surplus
The difference between what producers are willing to accept for a good or service versus what they actually receive, measured by the area above the supply curve and below the price level.
Demand
The desire to purchase goods and services backed by the ability and willingness to pay a certain price.
Consumer Surplus
The gap between the total price consumers are ready and able to spend on a good or service and what they actually spend.
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