Microeconomics Chapter 4

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Author:
Drizzle
ID:
282608
Filename:
Microeconomics Chapter 4
Updated:
2014-09-10 03:46:05
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Microeconomics
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Chapter 4
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  1. Black market
    A market in which buying and selling take place at prices that violate government price regulations.
  2. Consumer surplus
    The difference between the highest price a consumer is willing to pay for a good or service and the actual price the consumer pays.
  3. Deadweight loss
    The reduction in economic surplus resulting from a market not being in competitive equilibrium.
  4. Economic surplus
    The sum of consumer surplus and producer surplus.
  5. Producer surplus
    The difference between the lowest price a firm would be willing to accept for a good or service and the price it actually receives.
  6. Tax incidence
    The actual division of the burden of a tax between buyers and sellers in a market.

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