Examlex
What are three significant generalizations supported by results from the extended AD-AS model?
Responsiveness of Price
The degree to which the demand or supply of a product changes in response to a change in price.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the extra satisfaction or utility gained.
Market Price
is the current price at which a product, security, or commodity can be bought or sold in a marketplace.
Value
An individual’s value for a good or service is the amount of money he or she is willing to pay for it.
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