Examlex
Which of the following words and phrases best captures the notion of equality?
Producer Surplus
The difference between the amount producers are willing to supply a good for and the amount they actually receive.
Consumer Surplus
The difference between the total amount that consumers are willing to pay for a good or service and the total amount they actually pay.
Marginal Benefit
This is the additional benefit received from the consumption of one more unit of a good or service.
Output Level
Refers to the quantity of goods or services produced by a firm or economy at a given point in time.
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