Examlex
Find the area.
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Willingness to Pay
The maximum amount a consumer is ready to spend for a good or service.
Surplus
The situation where the quantity supplied of a product exceeds the quantity demanded at a given price.
Negative Externality
An economic situation where a third party is negatively affected by the actions of others, typically not reflected in the cost of those actions, such as pollution.
Common-Resource Problem
A dilemma in the management of resources that are available to all but are susceptible to overuse and depletion because they are not excludable.
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