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Producer Surplus
The difference between the amount producers are willing to sell a good for and the actual amount they receive due to market price.
Good X
An unspecified product or commodity in economics, used in theoretical models and discussions.
Producer Surplus
The difference between the actual price producers receive for a product and the minimum price they would accept.
Supply Curve
A graphical representation of the relationship between the price of a good and the quantity supplied by producers.
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