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Business, 05.07.2020 14:01 06takmay48639
produces considerable inefficiency in the use of scarce resources. effectively harnesses the incentives of workers and entrepreneurs. is not consistent with freedom of choice in the long run. has slowly lost ground to emerging command systems.
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Consumer surplus is: the difference between the price of a product and what consumers were willing to pay for the product. the difference between the discounted price of a product and its retail price. the difference between the price paid by consumers and the price required of producers. the difference between the price of a product and consumers' valuation of the last unit of the product purchased.
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