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3 Cards in this Set
- Front
- Back
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is the study of how the alloca@onof resources affects economic well-being.• Buyers and sellers receive benefits from taking part in themarket.• The equilibrium in a market maximizes the total welfare ofbuyers and sellers.
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Welfare economics
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measures economic welfare fromthe buyer’s side. |
Consumer surplus |
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measures economic welfare from theseller’s side. |
Producer surplus |
