Key Terms

Question

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

Willingness to pay

Individual consumer surplus

Total consumer surplus

Consumer surplus

Cost

Individual producer surplus

Total producer surplus

Producer surplus

Total surplus

Property rights

Economic signal

Inefficiency

Market failure