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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
consumers and producers both receive “a bargain” when they are allowed to engage in a mutually beneficial, voluntary exchange with one another
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3.11. Total Surplus—Total Value minus Total Variable Cost
In the previous sections, we have seen that consumers and producers both receive “a bargain” when they are allowed to engage in a mutually beneficial, voluntary exchange with one another. For every unit up to the equilibrium unit traded, buyers would have been willing to pay more than they actually had to pay. Additionally, for every one of those units, sellers would ha


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