Econ- Exam I- Chapter 4

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Author:
cthuruth
ID:
34807
Filename:
Econ- Exam I- Chapter 4
Updated:
2010-09-14 22:07:10
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econ
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  1. marginal benefit:
    the additional benefit to a consumer from consuming one more unit of a G or S
  2. marginal cost:
    the additional cost to a firm producing one more unit of a G or S
  3. economic surplus:
    the sum of consumer surplus and producer surplus

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