Examlex
Explain the advantages and disadvantages of imposing trade restrictions.
Consumer Surplus
The differential in the total price consumers are interested and capable of paying for a product or service and the actual price paid.
Producer Surplus
The gap between the price sellers are ready to accept for a good and the actual price obtained.
Deadweight Loss
The loss of economic efficiency that occurs when the equilibrium for a good or a service is not achieved, leading to an underproduction or overproduction of that good or service.
Deadweight Loss
A loss of economic efficiency that occurs when the equilibrium outcome is not achieved or when the market does not allocate resources at the optimal point.
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