Examlex
Define the unconstrained supply of labor.
Consumer Surplus
The contrast between the total price consumers are prepared to pay for a good or service and what they end up paying in reality.
Consumer Surplus
The contrast between the total sum consumers are ready and financially equipped to spend on a good or service, and the sum they actually spend.
Producer Surplus
The divergence between the price at which sellers are ready to offer a good or service and the price they actually obtain.
Economic Efficiency
A state in which resources are allocated in a way that maximizes the total benefit received by society from those resources.
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