Microeconomics Chapter 4

A market in which buying and selling take place at prices that violate government price regulations.

The difference between the highest price a consumer is willing to pay for a good or service and the actual price the consumer pays.

The reduction in economic surplus resulting from a market not being in competitive equilibrium.

The sum of consumer surplus and producer surplus.

The difference between the lowest price a firm would be willing to accept for a good or service and the price it actually receives.

The actual division of the burden of a tax between buyers and sellers in a market.