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econ 1150 > ch 7 terms > Flashcards

ch 7 terms Flashcards

1
Q

define consumer surplus

A

net happiness

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2
Q

define marginal buyer

A

buyer with lowest willingness to pay
leaves market 1st with price increase

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3
Q

define producer surplus

A

difference between market price and COGS

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4
Q

define marginal seller

A

seller who would leave market first if prices were any lower

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econ 1150 (13 decks)

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