booklet 5 - consumer and producer surplus, indirect tax + consumer behaviour
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6 Terms
1
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consumer surplus
the difference between what consumers are willing to pay and what they actually pay
2
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producer surplus
the difference between what producers are willing to accept for a good and the actual price they receive.
3
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tax
discourages the production and consumtion of harmful goods
4
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ad valorem tax
a tax levied is a percentage of the selling price
5
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specific tax
a fixed amount charged per unit of a good or service, regardless of its price.
6
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Note 
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