8.7: Glossary- Surplus
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- 249329
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- consumer surplus
- the extra benefit consumers receive from buying a good or service, measured by what the individuals would have been willing to pay minus the amount that they actually paid
- deadweight loss
- the loss in social surplus that occurs when a market produces an inefficient quantity
- economic surplus
- see social surplus
- producer surplus
- the extra benefit producers receive from selling a good or service, measured by the price the producer actually received minus the price the producer would have been willing to accept
- social surplus
- the sum of consumer surplus and producer surplus
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- Principles of Microeconomics Chapter 3.6 Glossary. Authored by: OpenStax College. Located at: http://cnx.org/contents/ea2f225e-6063-41ca-bcd8-36482e15ef65@10.31:24/Microeconomics. License: CC BY: Attribution. License Terms: Download for free at http://cnx.org/content/col11627/latest