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"I've never seen flavored marshmallows this size before!" Alice squealed as she emptied the shelves at the local grocery store. The rest of the shoppers would have to make do with the other seventy bags of miniature and standard-size marshmallows during this winter's hot chocolate festival. For Alice, the jumbo size feature is an order winner.
Total Surplus
The sum of consumer surplus and producer surplus in a market, representing the total net benefit to society from the production and consumption of goods and services.
Equilibrium
A state in which market supply and demand balance each other, resulting in stable prices and quantities.
Positively Sloped
A line or curve on a graph that moves upward and to the right, indicating a direct relationship between two variables.
Negatively Sloped
Describes a line on a graph that moves downward from left to right, indicating an inverse relationship between two variables.
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