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4 Cards in this Set
- Front
- Back
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Efficient (or Pareto efficiency) |
S situation is efficient if no change is possible that will help some people without harming others |
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Vertical interpretation of the supply and demand curve |
When the price realized is either higher or lower than the equilibrium price, the quantity exchanged in the market will always be lower than the equilibrium quantity. |
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subsidy |
bidrag |
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Deadweight loss |
The reduction in total economic surplus that results from the adoption of a policy |
