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If the price is above the equilibrium price in the market for grapefruit, assuming a positively sloped supply curve and a negatively sloped demand curve, total surplus:
Value Analyses
A method of assessing the functions of a product or service to reduce costs and improve product value for consumers.
Selling Price
The amount of money charged for a product or service, determined by factors such as cost, market demand, and competition.
Retail Cost
The total price at which a product is sold to the end consumer, including costs of production, distribution, and a profit margin.
Markup on Selling Price
The amount added to the cost price of goods to cover overhead and profit, calculated as a percentage of the selling price.
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