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Marginal sellers
________ are the first to leave markets if the prices are lower.
demand curve
When a market consists of a lot of buyers when a buyer drops out it forms a(n) ________ because the effect is so minuscule.
Consumer surplus
________ measures the benefit that buyers receive from a good as the buyers themselves perceive it.
maximum amount
Willingness to pay: the ________ that a buyer will pay for a good.
Equality
________: the property of distributing economic prosperity uniformly among the members of society.
Externalities
________ are when a market experiences casualties such as the side effects of agricultural pesticides.
Benevolent Social Planner
The ________ is a powerful, well- intentioned dictator.
Free markets
________ choose sellers depending upon who produces goods at the lowest cost.
Welfare economics
________: the study of how the allocation of resources affects economic well- being.
Total surplus
________= (vale to buyers- the amount paid by buyers) + (amount received by sellers- cost to sellers)
Consumer surplus
________= value to buyers- the amount paid by buyers.
