Examlex
The most obvious way to convey the meaning of an unfamiliar term is to state the meaning directly or to rephrase the term in different words.
Producer Surplus
The difference between the amount that producers are willing and able to supply a good for and the amount they actually receive (selling price).
Equilibrium
A state in which market supply and demand are balanced, and as a result, prices become stable.
Market
A place or system where buyers and sellers interact to trade goods, services, or resources.
Price
The money total set, required, or given as remuneration for something.
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