~ Flashcards by tan miah

Q

what is consumer surplus

A

benefit gained by consumer by purchasing the good at equilibrium price

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

what is a subsidie

A

a government policy where the government gives money to encourage demand

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

how do you calculate YED

A

% change of qd / % change in income

How well did you know this?

1

Not at all

2

3

4

5

Perfectly