ECN112 - Efficiency of Markets
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6 Terms
1
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Consumer Surplus
The difference between the value of a good to a consumer and the price paid for that good
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Producer Surplus
The difference between the price of a good and the seller’s cost of providing it
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Total Surplus
Combination of producer and consumer surplus
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Deadweight Loss
The decrease in total surplus that results from an inefficient underproduction or overproduction
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Price Ceiling
A price level below the equilibrium price that determines the maximum allowable price for a good
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Price Floors
A government regulation that establishes a lower limit on the price of a good or service
Set above the equilibrium price
Note 
Flashcards (127)