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ESI Unit 2 Lesson 4 - Consumer and Producer Surplus Flashcards | Quizlet

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Start studying ESI Unit 2 Lesson 4 - Consumer and Producer Surplus. Learn vocabulary, terms, and more with flashcards, games, and other study tools.

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1. Explain the concept of consumer surplus.

2. Identify consumer surplus on a demand and supply diagram.

3. Explain the concept of producer surplus.

4. Identify producer surplus on a demand and supply diagram.

5. Explain that the best allocation of resources from society’s point of view is at competitive market equilibrium, where social surplus (consumer surplus and producer surplus) is maximized (because marginal benefit equals marginal cost).

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E05 Total Surplus (Welfare) at Different Quantities.pdf

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E05s Total Surplus (Welfare) at Different Quantities - solution.pdf

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E06 Finding Consumer Surplus and Producer Surplus.pdf

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E06s Finding Consumer Surplus and Producer Surplus - solution.pdf