Examlex
You always ring a bell before feeding your pet pig.Now your pig drools whenever he hears the bell.How can you extinguish this response?
Consumer Surplus
The difference in the total potential payment consumers are willing to make for a good or service and the actual expenditure they incur.
Welfare Loss
Economic inefficiency resulting from a deviation from an optimal allocation of goods and services, often due to externalities or market power.
Net Social Gain
The overall benefit to society from an economic transaction, after subtracting costs.
Barriers To Entry
Factors that make it difficult for new competitors to enter a market.
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