Examlex
What are issue networks? Explain their significance.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay, indicating the utility gained from the purchase.
Price Ceiling
A government-imposed limit on how high a price can be charged on a product or service.
Total Surplus
The sum of consumer surplus and producer surplus, representing the total net benefit to society from a market transaction.
Equilibrium Price
A market condition where supply meets demand, and there is no inclination for price to change, leading to market balance.
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