Examlex
What three factors do you need to calculate how much money you will accumulate by retirement?
Consumer Surplus
The gap between the total monetary amount consumers are willing to allocate for a product or service and the amount they ultimately allocate.
Willingness to Pay
The highest price a person is willing to pay for a product or service, indicating how much they value it.
Consumer Surplus
The deviation between the cumulative amount consumers are inclined to spend on a good or service and the amount they really spend.
Demand Curve
A graph showing the relationship between the price of a good or service and the quantity of that good or service consumers are willing and able to purchase, typically downward sloping.
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