Legal Definition of misnomer. : the misnaming of a person in a legal document or proceeding (as in a complaint or indictment); specifically : the institution of proceedings against and service of process on the correct party using the incorrect name â compare idem sonans.
Definition of 'Producer Surplus' Definition: Producer surplus is defined as the difference between the amount the producer is willing to supply goods for and the actual amount received by him when he makes the trade. Producer surplus is a measure of producer welfare. It is shown graphically as the area above the supply curve and below the equilibrium price. Here the producer surplus is shown in gray. As the price increases, the incentive for producing more goods increases, thereby increasing the producer surplus. Description: A producer always tries to increase his producer surplus by trying to sell more and more at higher prices.
In the Keynesian framework, aggregate demand is the sum of consumption demand, investment demand, government demand for goods and services, plus net exports. Aggregate supply is simply total output -- gross domestic product â the total production of goods and services in the economy. Both aggregate demand and aggregate supply are depicted as curves, with the price level on the vertical axis and income and output on the horizontal axis.