9.18 Chapter 7 - Click to edit Master subtitle style Econ...

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Unformatted text preview: Click to edit Master subtitle style Econ 101 Introduction to Microeconomics Professor Richard V. Burkhauser 7 Consumers, Producers, and the Efficiency of Markets Econ 101 Professor Burkhauser Econ 101 Professor Burkhauser Key Concepts welfare economics, p. 137 willingness to pay, p. 138 consumer surplus, p. 139 cost, p. 143 producer surplus, p. 144 efficiency, p. 148 equity, p. 148 Econ 101 Professor Burkhauser Figure 7.1 Consumer and Producer Surplus in the Market Equilibrium Produce r surplu s Consume r surplu s Pric e Quantity Equilibriu m pric e Equilibriu m quantit y Suppl y Deman d A C B D E Econ 101 Professor Burkhauser Econ 101 Professor Burkhauser MARKET EFFICIENCY Three Insights Concerning Market Outcomes 1) Free markets allocate the supply of goods to the buyers who value them most highly, as measured by their willingness to pay....
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9.18 Chapter 7 - Click to edit Master subtitle style Econ...

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