Consumer and Producer Surplus

0.0(0)
studied byStudied by 0 people
GameKnowt Play
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/4

encourage image

There's no tags or description

Looks like no tags are added yet.

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

5 Terms

1
New cards

Consumer Surplus

The difference between the price the consumer is willing and able to pay and the price they actually pay.

2
New cards

Producer Surplus

The difference between the price the producer is willing to charge and the price they actually charge.

3
New cards
<p>What surplus is this?</p>

What surplus is this?

Consumer Surplus

4
New cards
<p>What surplus is this?</p>

What surplus is this?

Producer Surplus

5
New cards

Consumer surplus decrease cause

Supply shifting to the left because of increased market price