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3 Tutorials that teach Market Equilibrium
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Market Equilibrium

Market Equilibrium

Author: Justin Tapp
Description:

This lesson will explain the basics of market equilibriums.

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Tutorial
Terms to Know
  • Ceteris Paribus

    Holding all other variables constant.

  • Consumer Surplus

    Determined by the difference between actual price paid for a good and the highest amount the consumer would have paid for the good.

  • Deadweight Loss

    A variable that decreases the producer and consumer surplus due to a section of incapacitated resource, such as tax.

  • Producer Surplus

    The difference between actual payment for a good and the least amount a producer would have agreed to receive for the good.