Examlex
A norm is a given social position that is governed by a set of rules for proper behavior.
Consumer Surplus
The disparity in amounts between what is potentially spent by consumers and what is actually spent on a good or service.
Demand Curve
A graphical representation that shows the relationship between the price of a good and the quantity demanded by consumers.
Consumer Surplus
The gap between the price consumers are ready to pay for a good or service and the price they end up paying.
Market Demand
Represents the total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices.
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