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Econ- Exam I- Chapter 4

  1. marginal benefit:
    the additional benefit to a consumer from consuming one more unit of a G or S
  2. marginal cost:
    the additional cost to a firm producing one more unit of a G or S
  3. economic surplus:
    the sum of consumer surplus and producer surplus
Author
cthuruth
ID
34807
Card Set
Econ- Exam I- Chapter 4
Description
macro
Updated

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