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10 cards from this deck
Welfare gained by consumers above price paid for good
Benefit firms gain above minimum price they'd accept
Additional benefit society gains from consuming extra unit
Resource allocation via rationing, incentives, and signalling
Signalling, incentives, and rationing
Market operates with minimal government intervention
Price carries info guiding market to equilibrium
Cost of producing an additional unit of output
Give legal ownership; essential for market transactions
Reduces overall size of consumer surplus
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