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Consumer Surplus
The divergence between the full amount consumers intend and are able to allocate for a good or service, and the amount they really pay.
Total Utility
The complete fulfillment derived from the consumption of a specific amount of products or services.
Consumer Surplus
The gap between the total price consumers are willing and able to shell out for a good or service and the amount they really pay.
Water-Diamond Paradox
An economic paradox that questions why diamonds are pricier than water despite water being essential for survival and diamonds having relatively little practical use.
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