Examlex
How does a researcher use the conceptual definition of a construct in operationalization and conceptualization?
Surplus
The amount by which the quantity supplied of a product exceeds the quantity demanded at a specific (above-equilibrium) price.
Consumer Surplus
The gap between what consumers are prepared and capable of paying for a product or service and the actual amount they end up paying.
Willing to Pay
The maximum amount a consumer is prepared to spend to purchase a good or service.
Actual Price
The price at which goods or services are sold in the market, often influenced by supply and demand.
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