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Decision making,communicating and controlling are key functions of a
Willingness to Pay
The maximum amount an individual is ready to sacrifice to acquire a good or benefit from a service.
Market Demand Curve
A graphical representation showing the relationship between the price of a good and the total amount of the good that all consumers are willing to purchase at each price level.
Willingness to Pay
The utmost price a consumer is ready to pay for a good or service, indicating its perceived value to them.
Consumer Surplus
The gap between the price consumers are ready to pay for a good or service and the price they actually pay.
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