Examlex
Who was the first European explorer to realize that Columbus had discovered an unknown continent?
Buyer Surplus
The difference between the buyer’s value (what he is willing to pay) and the price (what he has to pay).
Seller Surplus
The difference between price (what the seller is able to sell for) and the seller’s value (what she is willing to sell for).
Individual's Value
The worth or significance of a person, often considered in terms of their qualities, actions, and contributions to society.
Willing
Displaying a readiness or preference towards a particular action or decision.
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