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More cards in this set
Card 6
Front
The difference between the price consumers are willing and able to pay and the price actually paid
Back
Card 7
Front
A measure of the responsiveness of demand to a change in price
Back
Card 8
Front
Measures the responsiveness of demand to a change in incomes
Back
Card 9
Front
Measures the responsiveness of demand to a change in the price of another product
Back
Card 10
Front
The amount of a commodity that producers are willing and able to supply at a given range of prices and in a given time period
Back
Card 11
Front
The difference between the price producers are willing to sell at and the price actually sold at
Back
Card 12
Front
Measures the responsiveness of supply to a change in the market price
Back
Card 13
Front
When markets fail to deliver efficiency
Back
Card 14
Front
The positive spill over effects to a third party which arise when social benefits exceed private benefits
Back
Card 15
Front
The negative spill over effects to a third party which arise when social costs exceed private costs
Back
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