Surplus Price floors and ceilings
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6 Terms
1
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Total consumer surplus
sum of all consumer surplus enjoyed by the consumersÂ
The triangle
2
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Producer surplus
the difference between the price the producer is willing to sell the good and the price in which they receive for the good
3
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Producer surplus in a market
total producer surplus
4
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Price controls
when the government tries to set a price of something
5
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Price floor
minimum wage - surplus
6
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Price ceiling
maximum - rationing
Note 
Flashcards (31)