Examlex
Find the solution of the equation correct to four decimal places.
Equilibrium Price
The cost point where the amount of a product or service sought by consumers matches the amount available from producers.
Willingness to Pay
The maximum amount a consumer is prepared to spend for a good or service.
Baseball Game Ticket
A document or electronic card that grants the bearer entry to a baseball game.
Consumer Surplus
The distinction between the full amount consumers are willing and able to spend on a good or service and the actual sum paid.
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