An Acceleration Is Evidence of ______________

question 95

Short Answer

An acceleration is evidence of ______________.

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Definitions:

Allocative Efficiency

A state of the economy in which production represents consumer preferences and goods and services are distributed optimally according to the needs and desires of society.

Consumer Surplus

The gap between the price consumers are prepared to pay for a product or service and the actual amount they spend, indicating the advantage to consumers.

Producer Surplus

The difference between what producers are willing to sell a good for and the actual price they receive, measuring the benefit to producers from participating in the market.

Marginal Benefit

The extra value or enjoyment gained by using one more unit of a certain good or service.