Examlex
How long ago did the Atlantic start to form as Pangaea started to rift apart?
Producer Surplus
The difference between the amount producers are willing to sell a good for and the actual amount they receive by selling it at the market price.
Total Surplus
The sum of consumer and producer surplus; represents the total net benefit to society from the production and consumption of a good or service.
Deadweight Loss
Economic efficiency is lost when the balance for a good or service is either not met or unattainable.
Tariff
A tax imposed on imported goods and services to regulate trade, increase government revenue, or protect domestic industries.
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