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Definitions:
Total Surplus
The sum of consumer surplus and producer surplus in a market, measuring the total net benefit to society from the production and consumption of a good or service.
Free-Trade Policy
Economic policies that eliminate tariffs and trade barriers between countries to encourage trade and economic integration.
Import Quota
A government-imposed restriction on the quantity of a specific good that can be imported into a country.
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.
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