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5 Cards in this Set
- Front
- Back
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"Willingness to pay" determines..
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the demand curve.
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Total Consumer Surplus is equal to..
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the area below the demand curve but above the price.
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The COST determines the..
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supply curve.
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Total Surplus
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the total gain from society from the production and consumption of a good
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Market Failure occurs when markets fail to..
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be efficient
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