A market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and in which the sum of consumer surplus and producer surplus is at a maximum. Black Market A market in which buying and selling take place at pri...
a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and in which the sum of consumer surplus and producer surplus is at a maximum Economic Equity the attempt to balance an economic policy so that everyone benefits ...
ability to produce more than the other country comparative advantage ability to produce at the lower opportunity cost if exports are greater than imports there is a trade surplus if exports are less than imports there is a trade deficit
- In terms of fiscal policy (which affects both the demand and supply side), the government could run a Budget deficit, or at least reduce the Budget surplus. --> An example of this would be to reduce the company tax, which would see increased investment by firms and...
Changes that increase supply cause the supply curve to shift to the... Right What is consumer surplus at P1? A + B + C For most goods, supply will be more elastic in the long run. True The Fauci Effect is an example of a non-monetary incentive. ...
a type of economy in which human groups live off the land with little or no surplus tertiary sector The portion of the economy concerned with transportation, communications, and utilities, sometimes extended to the provision of all goods and services to people in exchange for payment. ...
the price that equates the quantity supplied and the quantity demanded Equilibrium quantity the quantity that is supplied and demanded a the equilibrium price surplus exist when an excess supplied persists for a significant period of time shortage ...