Examlex
Which of the following fuels has the lowest fuel value (kJ/g) ?
Price Ceiling
A legal maximum price that can be charged for a product or service, intended to protect consumers from high prices.
Consumer Surplus
The discrepancy between what consumers are ready and capable of spending for a good or service, as shown by the demand curve, and the actual amount paid by them, known as the market price.
Producer Surplus
The difference between what producers are willing to accept for a good or service versus what they actually receive, due to market prices.
Total Surplus
The aggregate benefit to society, constituted by the addition of consumer and producer surplus, derived from the creation and utilization of goods and services.
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