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8.7: Glossary: Surplus

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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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