Term
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Definition
| the study of how the allocation of resources affects economic well-being. |
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Term
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Definition
| The maximum amount that a buyer will pay for a good. |
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Term
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Definition
| the amount a buyer is willing to pay for a good minus the amount the buyer actually pays. |
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Term
| Area of consumer surplus on a graph is.. |
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Definition
| the area below the demand curve and above the price . |
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Term
| Consumer surplus measures... |
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Definition
| benefit that buyers receive from a good as the buyers perceive it. |
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Term
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Definition
| the value of everything a seller must give up to produce a good. |
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Term
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Definition
| the amount a seller is paid for a good minus the seller's cost of providing it |
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Term
| Producer surplus on a graph is.. |
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Definition
| the area above supply curve and below the price. |
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