Examlex
Which of the following statements is FALSE?
Total Surplus
The sum of consumer and producer surplus; represents the total net benefit to society from the production and consumption of a good or service.
Deadweight Loss
Economic efficiency is lost when the balance for a good or service is either not met or unattainable.
Tariff
A tax imposed on imported goods and services to regulate trade, increase government revenue, or protect domestic industries.
Consumer Surplus
The variance between the sum consumers are inclined and can afford to pay for a good or service and the sum they genuinely pay.
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