Consumers & Producers – Chapter 7

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

1/7

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.

8 Terms

1
New cards

Willingness to Pay

Maximum amount a buyer will pay.

2
New cards

Consumer Surplus

WTP minus price.

3
New cards

Producer Surplus

Price minus cost.

4
New cards

Total Surplus

CS / PS.

5
New cards

Efficiency

Allocation that maximizes total surplus.

6
New cards

Market Power

Ability of a single buyer/seller to influence price.

7
New cards

Externality

Side effect on others not accounted for in the market.

8
New cards

Deadweight Loss

Loss of total surplus from under- or over-production