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Unformatted text preview: the area above the market supply curve and below the market price ; Marginal cost: The cost of producing one more unit of a good; Producer surplus is a measurement of how much sellers gain from trading in the market; Total welfare gains: The sum of consumer and producer surplus; Deadweight loss 7.2 Welfare effects: The gains and losses associated with government intervention in market;...
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This note was uploaded on 02/10/2011 for the course ECO 2251 taught by Professor Kirkland during the Spring '09 term at Troy.
- Spring '09
- Consumer Surplus